MANNING & NAPIER INSURANCE FUND, INC.
MANNING & NAPIER MODERATE GROWTH PORTFOLIO
MANNING & NAPIER GROWTH PORTFOLIO
MANNING & NAPIER MAXIMUM HORIZON PORTFOLIO
MANNING & NAPIER SMALL CAP PORTFOLIO
MANNING & NAPIER EQUITY PORTFOLIO
MANNING & NAPIER BOND PORTFOLIO
SEMI-ANNUAL REPORT
JUNE 30, 1999
<PAGE>
MANAGEMENT DISCUSSION AND ANALYSIS - JUNE 30, 1999 (UNAUDITED)
DEAR CONTRACT OWNER:
As we began 1999, we expected the markets to be volatile and unstable, which has
held true. The U.S. stock market continued to climb throughout the first half
of the year. Stocks set several early highs, but have subsequently declined
from those levels and have been quite volatile. Rising interest rates caused a
disruption in the bond market, leading to negative returns in all but the
shortest-term bonds.
There is still a wide performance gap between the majority of stocks and the
handful of large companies driving the indices. Despite the turbulence in the
overall stock market, the stocks held within the portfolios have performed well
for the first half of the year. We continue to believe the market in general is
extremely overvalued, especially in the narrow group of large, well-known
stocks. We continue to look elsewhere for buying opportunities. One of the
areas that contributed to our performance has been our international holdings.
We had taken the opportunity in 1998 to purchase securities in certain overseas
markets at very attractive valuations, and over time they have begun to rebound
from those low levels.
After a steep rise in the first quarter of this year, interest rates increased
again in the second. Although not as severe, this second quarter increase
resulted in continued declines in our bond holding returns. The continued
increase in interest rates can be attributed several factors, including a high
rate of economic growth, low unemployment and rising oil prices. These
short-term economic factors seem to point to the possibility of higher
inflation, but we believe that over the longer-term inflation will stay in check
as the global economy and competitive influences on both foreign and domestic
companies limit the severity of any increase.
The long-range perspective of annuity contracts is particularly advantageous
when valuations are high and short-term uncertainty is increasing, as is the
current situation. As we look forward, we continue to believe stock market
valuations are at extremes and have turned our efforts to areas that represent
much more reasonably priced alternatives.
Thank you for your continued support of the Manning & Napier Variable Annuity.
We will make every effort to warrant your continued confidence in our services.
Sincerely,
MANNING & NAPIER ADVISORS, INC.
2
<PAGE>
PERFORMANCE UPDATE AS OF JUNE 30, 1999 (UNAUDITED)
OBJECTIVES BASED PORTFOLIOS
(MODERATE GROWTH PORTFOLIO, GROWTH PORTFOLIO, & MAXIMUM HORIZON PORTFOLIO)
Each of the Objectives Based Portfolios is managed toward a specific investment
objective, with the specific asset allocation adjusted throughout the year in
response to the prevailing market conditions and our economic outlook. The
current market environment, with market valuations in general at extreme levels
and rising interest rates, is a challenging one, but for the first half of 1999
the Objectives Based Portfolios have turned in solid returns.
One of the areas that contributed to our performance was our international
holdings, an area that has become an increasing focus for us. An extended period
of low performance and negative investor sentiment in overseas markets provided
us the opportunity to purchase some undervalued foreign companies. Investors
are beginning to become more confident in the opportunities available in foreign
markets and we feel these securities will have plenty of room to continue to
improve before they reach normal valuations.
This strong performance has come despite a difficult bond market environment,
with rising yields having resulted in negative returns in general across the
U.S. Treasury and corporate bond markets. The falling bond prices have had less
of an impact on the more growth-oriented portfolios which generally have higher
allocations to equity holdings and lower amounts committed to fixed income
securities.
<TABLE>
<CAPTION>
Manning & Napier
Moderate Growth Portfolio
Total Return
-------------
Through Growth of $10,000 Average
06/30/99 Investment Cumulative Annual
- ----------- ------------------ ------------- --------
<S> <C> <C> <C>
One Year. . $ 10,928 9.28% 9.28%
Inception 1 $ 12,806 28.06% 9.73%
</TABLE>
<TABLE>
<CAPTION>
Lehman Brothers
Intermediate Bond Index 4
Total Return
-------------
Through Growth of $10,000 Average
06/30/99 Investment Cumulative Annual
- ------------------------- ------------------ ------------- --------
<S> <C> <C> <C>
One Year. . . . . . . . . $ 10,419 4.19% 4.19%
Inception 1 . . . . . . . $ 11,707 17.07% 6.10%
</TABLE>
<TABLE>
<CAPTION>
30-70 Blended Index 5
Total Return
-------------
Through Growth of $10,000 Average
06/30/99 Investment Cumulative Annual
- --------------------- ------------------ ------------- --------
<S> <C> <C> <C>
One Year. . . . . . . $ 11,002 10.02% 10.02%
Inception 1 . . . . . $ 13,935 39.35% 13.27%
</TABLE>
[graphic]
<line chart>
Data for line chart to follow:
<TABLE>
<CAPTION>
Manning & Napier Lehman Brothers
Moderate Growth Intermediate Bond
Date Portfolio Index 30-70 Blended Index
<S> <C> <C> <C>
11/01/96 10,000 10,000 10,000
12/31/96 10,110 10,067 10,211
12/31/97 11,397 10,859 11,764
12/31/98 12,109 11,775 13,501
06/30/99 12,806 11,707 13,935
</TABLE>
[graphic]
<pie chart>
Data for pie chart to follow:
Portfolio Composition - Moderate Growth Portfolio - As of 6/30/99
Stocks - 30.01%
Bonds, cash, short-term investments, and liabilities, less other assets - 69.99%
Please see Page 9 for Footnotes
3
<PAGE>
PERFORMANCE UPDATE AS OF JUNE 30, 1999 (UNAUDITED)
OBJECTIVES BASED PORTFOLIOS
(MODERATE GROWTH PORTFOLIO, GROWTH PORTFOLIO, & MAXIMUM HORIZON PORTFOLIO)
<TABLE>
<CAPTION>
Manning & Napier
Growth Portfolio
Total Return
-------------
Through Growth of $10,000 Average
06/30/99 Investment Cumulative Annual
- ---------------- ------------------ ------------- --------
<S> <C> <C> <C>
One Year . . . . $ 11,153 11.53% 11.53%
Inception 1. . . $ 13,910 39.10% 13.19%
</TABLE>
<TABLE>
<CAPTION>
Lehman Brothers
Intermediate Bond Index 4
Total Return
-------------
Through Growth of $10,000 Average
06/30/99 Investment Cumulative Annual
- ------------------------- ------------------ ------------- --------
<S> <C> <C> <C>
One Year. . . . . . . . . $ 10,419 4.19% 4.19%
Inception 1 . . . . . . . $ 11,707 17.07% 6.10%
</TABLE>
<TABLE>
<CAPTION>
50-50 Blended Index 6
Total Return
-------------
Through Growth of $10,000 Average
06/30/99 Investment Cumulative Annual
- --------------------- ------------------ ------------- --------
<S> <C> <C> <C>
One Year. . . . . . . $ 11,325 13.25% 13.25%
Inception 1 . . . . . $ 15,674 56.74% 18.38%
</TABLE>
[graphic]
<line chart>
Data for line chart to follow:
<TABLE>
<CAPTION>
Lehman Brothers
Manning & Napier Intermediate Bond
Date Growth Portfolio Index 50-50 Blended Index
<S> <C> <C> <C>
11/01/96 10,000 10,000 10,000
12/31/96 10,250 10,067 10,311
12/31/97 12,221 10,859 12,495
12/31/98 12,474 10,844 14,874
06/30/99 13,910 11,707 15,674
</TABLE>
[graphic]
<pie chart>
Data for pie chart to follow:
Portfolio Composition - Growth Portfolio - As of 6/30/99
Stocks - 47.98%
Bonds - 37.36%
Cash, short-term investments, and liabilities, less other assets - 14.66%
Please see Page 9 for Footnotes
4
<PAGE>
PERFORMANCE UPDATE AS OF JUNE 30, 1999 (UNAUDITED)
OBJECTIVES BASED PORTFOLIOS
(MODERATE GROWTH PORTFOLIO, GROWTH PORTFOLIO, & MAXIMUM HORIZON PORTFOLIO)
<TABLE>
<CAPTION>
Manning & Napier
Maximum Horizon Portfolio
Total Return
-------------
Through Growth of $10,000 Average
06/30/99 Investment Cumulative Annual
- ------------------------- ------------------ ------------- --------
<S> <C> <C> <C>
One Year. . . . . . . . . $ 12,013 20.13% 20.13%
Inception 1 . . . . . . . $ 16,728 67.28% 21.31%
</TABLE>
<TABLE>
<CAPTION>
Standard & Poor's (S&P) 500 Total Return Index 3
Total Return
-------------
Through Growth of $10,000 Average
06/30/99 Investment Cumulative Annual
- ------------------------------------------------ ------------------ ------------- --------
<S> <C> <C> <C>
One Year . . . . . . . . . . . . . . . . . . . . $ 12,277 22.77% 22.77%
Inception 1. . . . . . . . . . . . . . . . . . . $ 20,314 103.14% 30.53%
</TABLE>
[graphic]
<line chart>
Data for line chart to follow:
<TABLE>
<CAPTION>
Manning & Napier Standard & Poor's
Maximum Horizon (S&P) 500 Total
Date Portfolio Return Index
<S> <C> <C>
11/01/96 10,000 10,000
12/31/96 10,440 10,542
12/31/97 12,913 14,057
12/31/98 13,418 18,076
06/30/99 16,728 20,314
</TABLE>
[graphic]
<pie chart>
Data for pie chart to follow:
Portfolio Composition - Maximum Horizon Portfolio - As of 6/30/99
Stocks - 86.60%
Bonds - 5.70%
Cash, short-term investments, and liabilities, less other assets - 7.70%
Please see Page 9 for Footnotes
5
<PAGE>
PERFORMANCE UPDATE AS OF JUNE 30, 1999 (UNAUDITED)
SMALL CAP PORTFOLIO
As we have stated previously, we believe small company stocks represent a very
appealing investment opportunity at this time. Valuations in the small cap
sector are and have been very attractive relative to larger stocks.
Over the course of 1998, we increased our holdings in the energy sector. We
expected the low level of oil prices to force a reduction of the excess capacity
and eventually lead to rising prices, and we invested in several oil-related
stocks when they were available at very low prices. This strategy has paid off
as oil prices have rebounded sharply, up over 50% from their December lows, and
several of the energy-related stocks within the Portfolio have generated above
average returns.
Our focus on valuations and our disciplined approach to portfolio management has
allowed us to seek out several securities that are attractive and appear to be
undervalued. We are extremely optimistic on the outlook for the small cap
sector, and we are continuously looking for securities we believe are good
strategy fits.
<TABLE>
<CAPTION>
Manning & Napier
Small Cap Portfolio
Total Return
-------------
Through Growth of $10,000 Average
06/30/99 Investment Cumulative Annual
- ------------------- ------------------ ------------- --------
<S> <C> <C> <C>
One Year. . . . . . $ 8,581 -14.19% -14.19%
Inception 1 . . . . $ 11,129 11.29% 4.10%
</TABLE>
<TABLE>
<CAPTION>
Standard & Poor's (S&P) 500 Total Return Index 3
Total Return
-------------
Through Growth of $10,000 Average
06/30/99 Investment Cumulative Annual
- ------------------------------------------------ ------------------ ------------- --------
<S> <C> <C> <C>
One Year . . . . . . . . . . . . . . . . . . . . $ 12,277 22.77% 22.77%
Inception 1. . . . . . . . . . . . . . . . . . . $ 20,314 103.14% 30.53%
</TABLE>
[graphic]
<line chart>
Data for line chart to follow:
<TABLE>
<CAPTION>
Standard & Poor's
Manning & Napier (S&P) 500 Total
Date Small Cap Portfolio Return Index
<S> <C> <C>
11/01/96 10,000 10,000
12/31/96 10,720 10,542
12/31/97 12,138 14,057
12/31/98 10,781 18,076
06/30/99 11,129 20,314
</TABLE>
[graphic]
<pie chart>
Data for pie chart to follow:
Portfolio Composition - Small Cap Portfolio - As of 6/30/99
Chemicals & Allied Products - 9.4%
Communications - 8.5%
Crude Petroleum & Natural Gas - 8.7%
Electronics & Electrical Equipment - 3.5%
Glass Products - 3.5%
Paper & Allied Products - 4.3%
Textile Mill Products - 4.4%
Transportation - 5.0%
Cash, short-term investments, and liabilities, less other assets - 32.7%
Miscellaneous * - 20.0%
* Miscellaneous includes:
Agricultural Production
Apparel
Industrial & Commercial Machinery
Refuse Systems
Retail - Specialty Stores
Rubber & miscellaneous Plastic Products
Software
Technical Instruments & Supplies
Testing Laboratories
Please see Page 9 for Footnotes
6
<PAGE>
PERFORMANCE UPDATE AS OF JUNE 30, 1999 (UNAUDITED)
EQUITY PORTFOLIO
The objective of the Equity Portfolio is to provide long-term capital growth,
accepting stock market volatility. With our traditional investment strategies
and pricing disciplines, we believe it is important to be very selective in the
stock choices.
Throughout 1998, we moved out of areas of extremely high valuations and into
areas that we feel meet our valuation criteria, particularly foreign securities.
An extended period of low performance and negative investor sentiment in
overseas markets provided us the opportunity to purchase some undervalued
foreign companies which has created some excellent opportunities in our Equity
Portfolio.
We have shied away from the high-flying crazes, such as internet stocks and the
narrow large-cap growth stocks that have been driven to precarious valuations.
Recently, we have been able to find good investments in more reasonably-valued
technology stocks, and we have also positioned the Portfolio in areas such as
foreign stocks and cyclical stocks. All of these have made substantial
contributions to the Portfolio's return as they have strengthened this year.
<TABLE>
<CAPTION>
Manning & Napier
Equity Portfolio
Total Return
-------------
Through Growth of $10,000 Average
06/30/99 Investment Cumulative Annual
- ---------------- ------------------ ------------- --------
<S> <C> <C> <C>
One Year . . . . $ 13,225 32.25% 32.25%
Inception 1. . . $ 17,587 75.87% 23.62%
</TABLE>
<TABLE>
<CAPTION>
Standard & Poor's (S&P) 500 Total Return Index 3
Total Return
-------------
Through Growth of $10,000 Average
06/30/99 Investment Cumulative Annual
- ------------------------------------------------ ------------------ ------------- --------
<S> <C> <C> <C>
One Year . . . . . . . . . . . . . . . . . . . . $ 12,277 22.77% 22.77%
Inception 1. . . . . . . . . . . . . . . . . . . $ 20,314 103.14% 30.53%
</TABLE>
[graphic]
<line chart>
Data for line chart to follow:
<TABLE>
<CAPTION>
Standard & Poor's
Manning & Napier (S&P) 500 Total
Date Equity Portfolio Return Index
<S> <C> <C>
11/01/96 10,000 10,000
12/31/96 10,560 10,542
12/31/97 12,826 14,057
12/31/98 13,299 18,076
06/30/99 17,587 20,314
</TABLE>
[graphic]
<pie chart>
Data for pie chart to follow:
Portfolio Composition - Equity Portfolio - As of 6/30/99
Chemicals & Allied Products - 13.6%
Crude Petroleum & Natural Gas - 7.9%
Diamonds - 4.2%
Electronics & Electrical Equipment - 6.3%
Food & Beverages - 6.4%
Glass Products - 5.4%
Paper & Allied Products - 18.5%
Software - 13.2%
Technical Instruments & Supplies - 6.6%
Transportation - 4.4%
Miscellaneous * - 13.5%
* Miscellaneous includes:
Business Services
Manufacturing - Miscellaneous
Restaurants
Telecommunication Services
Cash, short-term investments, and liabilities, less other assets
Please see Page 9 for Footnotes
7
<PAGE>
PERFORMANCE UPDATE AS OF JUNE 30, 1999 (UNAUDITED)
BOND PORTFOLIO
It was a tough beginning for fixed income investors. As we stated in the
overview, interest rates have continued their uphill climb throughout the first
two quarters of 1999. As rates neared their one-year high, bonds of almost all
maturities have fallen in value. We believe this period of falling bond prices
and rising yields to be temporary. Since rising interest rates tend to be
self-correcting, we expect the long-term trend of declining interest rates to
resume as temporary pressures subside.
As always, we continue to monitor the short-term factors that impact the market
but only to compare them to the relative effect on our long-term overview,
rather than managing our portfolio for the short-term.
<TABLE>
<CAPTION>
Manning & Napier
Bond Portfolio
Total Return
-------------
Through Growth of $10,000 Average
06/30/99 Investment Cumulative Annual
- ---------------- ------------------ ------------- --------
<S> <C> <C> <C>
One Year . . . . $ 10,204 2.04% 2.04%
Inception 1. . . $ 11,610 16.10% 5.77%
</TABLE>
<TABLE>
<CAPTION>
Merrill Lynch Corporate/Government Bond Index 2
Total Return
-------------
Through Growth of $10,000 Average
06/30/99 Investment Cumulative Annual
- ----------------------------------------------- ------------------ ------------- --------
<S> <C> <C> <C>
One Year. . . . . . . . . . . . . . . . . . . . $ 10,271 2.71% 2.71%
Inception 1 . . . . . . . . . . . . . . . . . . $ 11,843 18.43% 6.56%
</TABLE>
[graphic]
<line chart>
Data for line chart to follow:
<TABLE>
<CAPTION>
Merrill Lynch
Manning & Napier Corporate/Government
Date Bond Portfolio Bond Index
<S> <C> <C>
11/01/96 10,000 10,000
12/31/96 9,940 10,076
12/31/97 10,915 11,061
12/31/98 11,969 12,115
06/30/99 11,610 11,843
</TABLE>
[graphic]
<pie chart>
Data for pie chart to follow:
Effective Maturity - Bond Portfolio - As of 6/30/99
Less than 1 Year - 20.5%
1 - 3 Years - 23.1%
5 - 10 Years - 30.8%
Over 10 Years - 25.6%
[graphic]
<pie chart>
Data for pie chart to follow:
Portfolio Composition - Bond Portfolio - As of 6/30/99
U.S. Treasury Securities - 53%
U.S. Governments Agencies, cash, short-term investments, and liabilities, less
other assets - 47%
Please see Page 9 for Footnotes
8
<PAGE>
FOOTNOTES TO PERFORMANCE UPDATE (UNAUDITED)
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 6,731 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 Portfolio 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 Portfolio returns,
do not reflect any fees or expenses.
4 The Lehman Brothers Intermediate Bond Index is a market value weighted
measure of approximately 4,858 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 Portfolio returns, do not reflect any fees or expenses.
5 The 30-70 Blended Index is 30% S&P 500 Total Return Index (3) and 70% Lehman
Brothers Intermediate Bond Index (see note 4). The Index returns assume
reinvestment of income and, unlike Portfolio returns, do not reflect any fees or
expenses.
6 The 50-50 Blended Index 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 7,520 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 Portfolio returns, do not
reflect any fees or expenses.
9
<PAGE>
INVESTMENT PORTFOLIO - JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES/ VALUE
MANNING & NAPIER MODERATE GROWTH PORTFOLIO PRINCIPAL AMOUNT (NOTE 2)
- ------------------------------------------------------- ----------------- ---------
COMMON STOCK - 30.01%
<S> <C> <C>
BUSINESS SERVICES - 1.32%
National Data Corp. . . . . . . . . . . . . . . . . . . 50 $ 2,137
---------
CHEMICAL & ALLIED PRODUCTS - 5.49%
BIOLOGICAL PRODUCTS - 1.59%
Sigma-Aldrich Corp.. . . . . . . . . . . . . . . . 75 2,583
---------
PHARMACEUTICAL PREPARATIONS - 3.90%
Mylan Laboratories, Inc. . . . . . . . . . . . . . 100 2,650
Teva Pharmaceutical Industries Ltd. - ADR (Note 7) 75 3,675
---------
6,325
---------
8,908
---------
CRUDE PETROLEUM & NATURAL GAS - 3.94%
Gulf Canada Resources Ltd. - ADR (Note 7) . . . . . . . 700 2,931
Petroleo Brasileiro S.A. (Petrobras) - ADR (Note 7) . . 225 3,465
---------
6,396
---------
DIAMONDS - 2.21%
De Beers Consolidated Mines - ADR (Note 7). . . . . . . 150 3,581
---------
FOOD & BEVERAGES - 2.04%
Unilever plc - ADR (Note 7) . . . . . . . . . . . . . . 89 3,315
---------
MANUFACTURING - MISCELLANEOUS - 2.45%
Mattel, Inc.. . . . . . . . . . . . . . . . . . . . . . 150 3,966
---------
TECHNICAL INSTRUMENTS & SUPPLIES - 5.84%
Eastman Kodak Co. . . . . . . . . . . . . . . . . . . . 50 3,387
Millipore Corp. . . . . . . . . . . . . . . . . . . . . 150 6,084
---------
9,471
---------
TELECOMMUNICATION SERVICES - 3.62%
Telecomunicacoes Brasileiras S.A. (Telebras) -
ADR PFD (Note 7). . . . . . . . . . . . . . . . . . . 65 5,862
Telecomunicacoes Brasileiras S.A. (Telebras) -
ADR (Note 7). . . . . . . . . . . . . . . . . . . . . 65 4
---------
5,866
---------
TRANSPORTATION- RAILROAD - 3.10%
Canadian National Railway Co. - ADR (Note 7). . . . . . 75 5,025
---------
TOTAL COMMON STOCK
(Identified Cost $45,517) 48,665
---------
U.S. TREASURY SECURITIES - 44.25%
U.S. TREASURY BONDS - 13.99%
U.S. Treasury Bond, 6.875%, 8/15/2025
(Identified Cost $21,919) . . . . . . . . . . . . . . . $ 21,000 22,673
---------
U.S. TREASURY NOTES - 30.26%
U.S. Treasury Note, 4.625%, 12/31/2000. . . . . . . . . 5,000 4,939
U.S. Treasury Note, 5.875%, 9/30/2002 . . . . . . . . . 20,000 20,119
U.S. Treasury Note, 5.50%, 3/31/2003. . . . . . . . . . 19,000 18,857
U.S. Treasury Note, 6.50%, 10/15/2006 . . . . . . . . . 5,000 5,159
---------
TOTAL U.S. TREASURY NOTES
(Identified Cost $49,580) 49,074
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
INVESTMENT PORTFOLIO - JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
MANNING & NAPIER MODERATE GROWTH PORTFOLIO (CONTINUED) AMOUNT/ SHARES (NOTE 2)
- ------------------------------------------------------ --------------- ---------
<S> <C> <C>
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $71,499 ) $ 71,747
---------
U.S. GOVERNMENT AGENCIES - 27.23%
Federal Home Loan Mortgage Corporation, 5.95%,
11/05/1999. . . . . . . . . . . . . . . . . . . . . $ 15,000 15,025
Federal National Mortgage Association, 5.67%,
5/26/2000 . . . . . . . . . . . . . . . . . . . . . 15,000 15,002
Federal National Mortgage Association, 6.25%,
5/15/2029 15,000 14,126
---------
TOTAL U.S. GOVERNMENT AGENCIES
(Identified Cost $43,920) 44,156
---------
SHORT-TERM INVESTMENTS - 2.24%
Dreyfus Treasury Cash Management Fund
(Identified Cost $3,633). . . . . . . . . . . . . . . 3,633 3,633
---------
TOTAL INVESTMENTS - 103.73%
(Identified Cost $164,569) 168,201
LIABILITIES, LESS OTHER ASSETS - (3.73)% (6,045)
---------
NET ASSETS - 100% $162,156
=========
</TABLE>
*Non-income producing security
FEDERAL TAX INFORMATION:
At June 30, 1999, the net unrealized appreciation based on identified cost for
federal income tax purposes of $164,569 was as follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized appreciation . . . $ 6,149
Unrealized depreciation . . . (2,517)
--------
UNREALIZED APPRECIATION - NET $ 3,632
========
</TABLE>
The accompanying notes are an integral part of the financial statements.
11
<PAGE>
INVESTMENT PORTFOLIO - JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
MANNING & NAPIER GROWTH PORTFOLIO SHARES (NOTE 2)
- ----------------------------------------------- ------ ---------
COMMON STOCK - 47.98%
<S> <C> <C>
BUSINESS SERVICES - 1.85%
National Data Corp. . . . . . . . . . . . . . . 225 $ 9,619
---------
CHEMICAL & ALLIED PRODUCTS - 8.96%
BIOLOGICAL PRODUCTS - 2.32%
Sigma-Aldrich Corp.. . . . . . . . . . . . . 350 12,053
---------
PHARMACEUTICAL PREPARATIONS - 3.65%
Mylan Laboratories, Inc. . . . . . . . . . . 300 7,950
Teva Pharmaceutical Industries Ltd. - ADR
(Note 7). . . . . . . . . . . . . . . . . . 225 11,025
---------
18,975
---------
PLASTIC MATERIALS - 2.99%
Eastman Chemical Co. . . . . . . . . . . . . 300 15,525
---------
46,553
---------
CRUDE PETROLEUM & NATURAL GAS - 9.02%
Burlington Resources, Inc.. . . . . . . . . . . 100 4,325
Gulf Canada Resources Ltd. - ADR* (Note 7). . . 2,800 11,725
Noble Affiliates, Inc.. . . . . . . . . . . . . 150 4,228
Petroleo Brasileiro S.A. (Petrobras) -
ADR (Note 7). . . . . . . . . . . . . . . . 1,725 26,562
---------
46,840
---------
DIAMONDS - 2.76%
De Beers Consolidated Mines - ADR (Note 7). . . 600 14,325
---------
FOOD & BEVERAGES - 2.23%
Unilever plc - ADR (Note 7) . . . . . . . . . . 312 11,622
---------
MANUFACTURING - MISCELLANEOUS - 2.42%
Mattel, Inc.. . . . . . . . . . . . . . . . . . 475 12,558
---------
PAPER & ALLIED PRODUCTS - 2.35%
Asia Pulp & Paper Co. Ltd. - ADR* (Note 7). . . 675 6,497
Kimberly-Clark Corp.. . . . . . . . . . . . . . 100 5,700
---------
12,197
---------
SOFTWARE - 3.92%
Computer Associates International, Inc. . . . . 100 5,500
Oracle Corp.* . . . . . . . . . . . . . . . . . 400 14,850
20,350
---------
TECHNICAL INSTRUMENTS & SUPPLIES - 7.30%
Eastman Kodak Co. . . . . . . . . . . . . . . . 275 18,631
Millipore Corp. . . . . . . . . . . . . . . . . 475 19,267
37,898
---------
TELECOMMUNICATION SERVICES - 3.30%
Telecomunicacoes Brasileiras S.A. (Telebras) -
ADR PFD (Note 7) . . . . . . . . . . . . . 190 17,136
Telecomunicacoes Brasileiras S.A. (Telebras) -
ADR (Note 7). . . . . . . . . . . . . . . . 190 12
---------
17,148
---------
TRANSPORTATION - RAILWAY - 3.87%
Canadian National Railway Co. - ADR (Note 7). . 300 20,100
---------
TOTAL COMMON STOCK
(Identified Cost $227,759) 249,210
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
INVESTMENT PORTFOLIO - JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES/PRINCIPAL VALUE
MANNING & NAPIER GROWTH PORTFOLIO (CONTINUED) AMOUNT (NOTE 2)
- ----------------------------------------------------- ----------------- ---------
<S> <C> <C>
U.S. TREASURY SECURITIES - 37.36%
U.S. TREASURY BONDS - 18.28%
U.S. Treasury Bond, 6.875%, 8/15/2025 . . . . . . . . $ 40,000 $ 43,187
U.S. Treasury Bond, 6.50%, 11/15/2026 . . . . . . . . 50,000 51,750
---------
TOTAL U.S. TREASURY BONDS
(Identified Cost $97,137) 94,937
---------
U.S. TREASURY NOTES - 19.08%
U.S. Treasury Note, 4.25%, 11/15/2003
(Identified Cost $101,315). . . . . . . . . . . . . 105,000 99,061
---------
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $198,452) 193,998
---------
SHORT-TERM INVESTMENTS - 15.03%
Federal National Mortgage Corporation Discount Note,
6/02/2000 . . . . . . . . . . . . . . . . . . . . . 50,000 47,533
U.S. Treasury Bill, 7/08/1999 . . . . . . . . . . . . 20,000 19,984
Dreyfus Treasury Cash Management Fund . . . . . . . . 10,517 10,517
---------
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $78,034) 78,034
---------
TOTAL INVESTMENTS - 100.37%
(Identified Cost $504,245) 521,242
LIABILITIES, LESS OTHER ASSETS - (0.37)% (1,917)
---------
NET ASSETS - 100% $519,325
=========
</TABLE>
*Non-income producing security
FEDERAL TAX INFORMATION:
At June 30, 1999, the net unrealized appreciation based on identified cost for
federal income tax purposes of $504,245 was as follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized appreciation . . . $ 27,452
Unrealized depreciation . . . (10,455)
---------
UNREALIZED APPRECIATION - NET $ 16,997
=========
</TABLE>
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
INVESTMENT PORTFOLIO - JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
MANNING & NAPIER MAXIMUM HORIZON PORTFOLIO SHARES (NOTE 2)
- -------------------------------------------------------- ------ ---------
COMMON STOCK - 86.60%
<S> <C> <C>
BUSINESS SERVICES - 2.02%
National Data Corp.. . . . . . . . . . . . . . . . . . . 100 $ 4,275
---------
CHEMICAL & ALLIED PRODUCTS - 14.99%
BIOLOGICAL PRODUCTS - 2.44%
Sigma-Aldrich Corp.. . . . . . . . . . . . . . . . . . 150 5,166
---------
PHARMACEUTICAL PREPARATIONS - 7.47%
Celltech plc* (United Kingdom) (Note 7). . . . . . . . 900 6,957
Mylan Laboratories, Inc. . . . . . . . . . . . . . . . 150 3,975
Teva Pharmaceutical Industries Ltd. - ADR (Note 7) . . 100 4,900
---------
15,832
---------
PLASTIC MATERIALS - 5.08%
Eastman Chemical Co.. . . . . . . . . . . . . . . . . 100 5,175
Wellman, Inc. . . . . . . . . . . . . . . . . . . . . 350 5,578
---------
10,753
---------
31,751
---------
CRUDE PETROLEUM & NATURAL GAS - 7.22%
Gulf Canada Resources Ltd. - ADR (Note 7). . . . . . . . 1,000 4,188
Noble Affiliates, Inc. . . . . . . . . . . . . . . . . . 50 1,409
Petroleo Brasileiro S.A. (Petrobras) - ADR (Note 7). . . 500 7,699
Talisman Energy, Inc.* . . . . . . . . . . . . . . . . . 75 1,992
---------
15,288
---------
DIAMONDS - 1.13%
De Beers Consolidated Mines - ADR (Note 7) . . . . . . . 100 2,388
---------
ELECTRONICS & ELECTRICAL EQUIPMENT - 4.47%
Motorola, Inc. . . . . . . . . . . . . . . . . . . . . . 100 9,475
---------
FOOD & BEVERAGES - 6.75%
Allied Domecq plc - ADR (Note 7) . . . . . . . . . . . . 200 1,933
Bestfoods. . . . . . . . . . . . . . . . . . . . . . . . 150 7,425
Unilever plc - ADR (Note 7). . . . . . . . . . . . . . . 133 4,954
---------
14,312
---------
GLASS PRODUCTS - 3.31%
Corning, Inc.. . . . . . . . . . . . . . . . . . . . . . 100 7,012
---------
MANUFACTURING - MISCELLANEOUS - 3.12%
Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . 250 6,609
---------
PAPER & ALLIED PRODUCTS - 13.74%
Aracruz Celulose S.A. - ADR (Note 7) . . . . . . . . . . 300 6,600
Asia Pulp & Paper Co. Ltd. - ADR (Note 7). . . . . . . . 500 4,812
Fort James Corp. . . . . . . . . . . . . . . . . . . . . 150 5,681
International Paper Co.. . . . . . . . . . . . . . . . . 125 6,313
Kimberly-Clark Corp. . . . . . . . . . . . . . . . . . . 100 5,700
---------
29,106
---------
PRINTING & PUBLISHING - 2.25%
South China Morning Post (Holdings) Ltd. - ADR (Note 7) 1,700 4,766
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
14
<PAGE>
INVESTMENT PORTFOLIO - JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES/PRINCIPAL VALUE
MANNING & NAPIER MAXIMUM HORIZON PORTFOLIO (CONTINUED) AMOUNT (NOTE 2)
- ------------------------------------------------------ ----------------- ---------
<S> <C> <C>
RESTAURANTS - 4.87%
McDonald's Corp. . . . . . . . . . . . . . . . . . . . 250 $ 10,328
---------
SOFTWARE - 10.45%
Computer Associates International Inc. . . . . . . . . 150 8,250
Oracle Corp.*. . . . . . . . . . . . . . . . . . . . . 200 7,425
J.D. Edwards & Co. . . . . . . . . . . . . . . . . . . 350 6,475
---------
22,150
---------
TECHNICAL INSTRUMENTS & SUPPLIES - 6.71%
Eastman Kodak Co.. . . . . . . . . . . . . . . . . . . 150 10,163
Millipore Corp.. . . . . . . . . . . . . . . . . . . . 100 4,056
---------
14,219
---------
TELECOMMUNICATION SERVICES - 3.20%
Telecomunicacoes Brasileiras S.A. (Telebras) -
ADR PFD (Note 7) . . . . . . . . . . . . . . . . . . 75 6,764
Telecomunicacoes Brasileiras S.A. (Telebras) -
ADR (Note 7) . . . . . . . . . . . . . . . . . . . . 75 5
---------
6,769
---------
TRANSPORTATION- RAILROAD - 2.37%
Canadian National Railway Co. - ADR (Note 7) . . . . . 75 5,025
---------
TOTAL COMMON STOCK
(Identified Cost $161,664) 183,473
---------
U.S. TREASURY SECURITIES- 5.70%
U.S. Treasury Bond, 6.50%, 11/15/2026. . . . . . . . . $ 5,000 5,175
U.S. Treasury Note, 5.375%, 6/30/2003. . . . . . . . . 7,000 6,913
---------
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $12,751) 12,088
---------
SHORT-TERM INVESTMENTS - 10.96%
U.S. Treasury Bill, 7/8/1999 . . . . . . . . . . . . . 20,000 19,983
Dreyfus Treasury Cash Management Fund. . . . . . . . . 3,229 3,229
---------
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $23,212) 23,212
---------
TOTAL INVESTMENTS - 103.26%
(Identified Cost $197,627) 218,773
LIABILITIES, LESS OTHER ASSETS - (3.26)% (6,901)
---------
NET ASSETS - 100% $211,872
=========
</TABLE>
*Non-income producing security
FEDERAL TAX INFORMATION:
At June 30, 1999, the net unrealized depreciation based on identified cost for
federal income tax purposes of $197,627 was as follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized appreciation . . . $29,106
Unrealized depreciation . . . (7,960)
--------
UNREALIZED APPRECIATION - NET $21,146
========
</TABLE>
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
INVESTMENT PORTFOLIO - JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
MANNING & NAPIER SMALL CAP PORTFOLIO SHARES (NOTE 2)
- ----------------------------------------------- ------ ---------
<S> <C> <C>
COMMON STOCK - 67.29%
AGRICULTURAL PRODUCTION - 1.82%
Sylvan, Inc.* . . . . . . . . . . . . . . . . . 225 $ 2,616
---------
APPAREL - 1.13%
Novel Denim Holdings Ltd.*. . . . . . . . . . . 200 1,619
---------
CHEMICAL & ALLIED PRODUCTS - 9.36%
Cypress Bioscience, Inc.* . . . . . . . . . . . 1,400 4,419
Orion-Yhtyma Oyj- B Shares (Finland) (Note 7) . 380 9,035
---------
13,454
---------
COMMUNICATIONS - 8.54%
Granite Broadcasting Corp.* . . . . . . . . . . 400 3,125
Grupo Radio Centro S.A. - ADR (Note 7). . . . . 775 4,069
Microcell Telecommunications, Inc. * (Note 7) . 650 5,078
---------
12,272
---------
CRUDE PETROLEUM & NATURAL GAS - 8.74%
Gulf Canada Resources Ltd. - ADR (Note 7) . . . 3,000 12,562
ELECTRONICS & ELECTRICAL EQUIPMENT - 3.48%
The Carbide/Graphite Group, Inc.* . . . . . . . 350 5,009
---------
GLASS PRODUCTS - 3.53%
Libbey, Inc.. . . . . . . . . . . . . . . . . . 175 5,075
---------
INDUSTRIAL & COMMERCIAL MACHINERY - 3.40%
NN Ball & Roller, Inc.. . . . . . . . . . . . . 850 4,887
---------
PAPER & ALLIED PRODUCTS - 4.25%
Smurfit-Stone Container Corp. . . . . . . . . . 297 6,107
---------
REFUSE SYSTEMS - 1.70%
Newpark Resources, Inc.*. . . . . . . . . . . . 275 2,441
---------
RETAIL - SPECIALTY STORES - 0.91%
Hancock Fabrics, Inc. . . . . . . . . . . . . . 300 1,312
---------
RUBBER & MISCELLANEOUS PLASTIC PRODUCTS - 3.05%
Applied Extrusion Technologies, Inc.. . . . . . 575 4,384
---------
SOFTWARE - 2.90%
J. D. Edwards & Co.*. . . . . . . . . . . . . . 225 4,163
---------
TECHNICAL INSTRUMENTS & SUPPLIES - 3.29%
Orbital Sciences Corp.* . . . . . . . . . . . . 200 4,725
---------
TESTING LABORATORIES - 1.78%
Paradigm Geophysical Ltd.* . . . . . . . . . . 375 2,555
---------
TEXTILE MILL PRODUCTS - 4.42%
Albany International Corp. - Class A. . . . . . 306 6,350
---------
TRANSPORTATION - 4.99%
Guangshen Railway Co. Ltd.- ADR (Note 7). . . . 575 4,384
Trico Marine Services, Inc.*. . . . . . . . . . 425 2,789
---------
7,173
---------
TOTAL COMMON STOCK
(Identified Cost $107,998) 96,704
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
INVESTMENT PORTFOLIO - JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES/PRINCIPAL VALUE
MANNING & NAPIER SMALL CAP PORTFOLIO AMOUNT (NOTE 2)
- ---------------------------------------- ----------------- ---------
<S> <C> <C>
SHORT-TERM INVESTMENTS - 36.48%
Dreyfus Treasury Cash Management Fund. . 2,477 $ 2,477
U.S. Treasury Bill, 7/08/1999. . . . . . $ 50,000 49,959
---------
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $52,436) 52,436
---------
TOTAL INVESTMENTS - 103.77%
(Identified Cost $160,434) 149,140
LIABILITIES, LESS OTHER ASSETS - (3.77)% (5,414)
---------
NET ASSETS - 100% $143,726
=========
</TABLE>
* Non-income producing security
FEDERAL TAX INFORMATION:
At June 30, 1999, the net unrealized depreciation based on identified cost for
federal income tax purposes of $ 160,434 was as follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized appreciation . . . $ 9,338
Unrealized depreciation . . . (20,632)
----------
UNREALIZED DEPRECIATION - NET ($11,296)
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
INVESTMENT PORTFOLIO - JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
MANNING & NAPIER EQUITY PORTFOLIO SHARES (NOTE 2)
- --------------------------------------------- ------ ---------
COMMON STOCK - 101.68%
<S> <C> <C>
BUSINESS SERVICES - 3.77%
National Data Corp. . . . . . . . . . . . . . 200 $ 8,550
---------
CHEMICAL & ALLIED PRODUCTS - 13.60%
BIOLOGICAL PRODUCTS - 2.66%
Sigma-Aldrich Corp.. . . . . . . . . . . . 175 6,027
---------
PHARMACEUTICAL PREPARATIONS - 10.94%
Celltech plc* (United Kingdom) (Note 7). . 950 7,344
Mylan Laboratories, Inc. . . . . . . . . . 475 12,588
Teva Pharmaceutical Industries Ltd. - ADR
(Note 7). . . . . . . . . . . . . . . . . 100 4,900
---------
24,832
30,859
---------
CRUDE PETROLEUM & NATURAL GAS - 7.90%
Gulf Canada Resources Ltd. - ADR* (Note 7). . 1,800 7,537
Petroleo Brasileiro S.A. (Petrobras) -
ADR (Note 7) . . . . . . . . . . . . . . . 675 10,394
---------
17,931
---------
DIAMONDS - 4.20%
De Beers Consolidated Mines - ADR (Note 7). . 400 9,550
---------
ELECTRONICS & ELECTRICAL EQUIPMENT - 6.26%
Motorola, Inc.. . . . . . . . . . . . . . . . 150 14,212
---------
FOOD & BEVERAGES - 6.42%
Bestfoods . . . . . . . . . . . . . . . . . . 100 4,950
Unilever plc - ADR (Note 7) . . . . . . . . . 258 9,611
---------
14,561
---------
GLASS PRODUCTS - 5.40%
Corning, Inc. . . . . . . . . . . . . . . . . 175 12,272
---------
MANUFACTURING - MISCELLANEOUS - 3.78%
Mattel, Inc.. . . . . . . . . . . . . . . . . 325 8,592
---------
PAPER & ALLIED PRODUCTS - 18.52%
Aracruz Celulose S.A. - ADR (Note 7). . . . . 450 9,900
Asia Pulp & Paper Co. Ltd. - ADR* (Note 7). . 975 9,384
Fort James Corp.. . . . . . . . . . . . . . . 250 9,469
International Paper co. . . . . . . . . . . . 150 7,575
Kimberly-Clark Corp.. . . . . . . . . . . . . 100 5,700
---------
42,028
---------
RESTAURANTS - 3.64%
McDonald's Corp.. . . . . . . . . . . . . . . 200 8,262
---------
SOFTWARE - 13.22%
Computer Associates International, Inc. . . . 200 11,000
J. D. Edwards & Co. . . . . . . . . . . . . . 425 7,862
Oracle Corp.* . . . . . . . . . . . . . . . . 300 11,138
---------
30,000
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
INVESTMENT PORTFOLIO - JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
MANNING & NAPIER EQUITY PORTFOLIO (CONTINUED) SHARES (NOTE 2)
- ----------------------------------------------- ------ ---------
<S> <C> <C>
TECHNICAL INSTRUMENTS & SUPPLIES - 6.56%
Eastman Kodak Co. . . . . . . . . . . . . . . . 100 $ 6,775
Millipore Corp. . . . . . . . . . . . . . . . . 200 8,112
---------
14,887
---------
TELECOMMUNICATION SERVICES - 3.98%
Telecomunicacoes Brasileiras S.A. (Telebras) -
ADR PFD (Note 7). . . . . . . . . . . . . . 100 9,019
Telecomunicacoes Brasileiras S.A. (Telebras) -
ADR (Note 7). . . . . . . . . . . . . . . . 100 6
---------
9,025
---------
TRANSPORTATION - RAILWAY - 4.43%
Canadian National Railway Co. - ADR (Note 7). . 150 10,050
---------
TOTAL COMMON STOCK
(Identified Cost $193,852) 230,779
---------
SHORT-TERM INVESTMENTS - 1.80%
Dreyfus Treasury Cash Management Fund
(Identified Cost $4,088) . . . . . . . . . . 4,088 4,088
---------
TOTAL INVESTMENTS - 103.48%
(Identified Cost $197,940) 234,867
LIABILITIES, LESS OTHER ASSETS - (3.48)% (7,899)
---------
NET ASSETS - 100% $226,968
=========
</TABLE>
*Non-income producing security
FEDERAL TAX INFORMATION:
At June 30, 1999, the net unrealized appreciation based on identified cost for
federal income tax purposes of $197,940 was as follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized appreciation . . . $41,505
Unrealized depreciation . . . (4,578)
--------
UNREALIZED APPRECIATION - NET $36,927
========
</TABLE>
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
INVESTMENT PORTFOLIO - JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
MANNING & NAPIER BOND PORTFOLIO AMOUNT/SHARES (NOTE 2)
- ---------------------------------------------------- -------------- ---------
<S> <C> <C>
U.S. TREASURY SECURITIES - 52.72%
U.S. Treasury Note, 4.50%, 9/30/2000 . . . . . . . . $ 4,000 $ 3,954
U.S. Treasury Note, 4.75%, 2/15/2004 . . . . . . . . 5,000 4,805
U.S. Treasury Note, 6.50%, 10/15/2006. . . . . . . . 30,000 30,956
U.S. Treasury Bond, 6.875%, 8/15/2025. . . . . . . . 35,000 37,789
---------
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $75,514) 77,504
---------
U.S. GOVERNMENT AGENCIES - 47.73%
Federal Home Loan Bank Bond, 4.63%, 10/09/2001 . . . 15,000 14,601
Federal Home Loan Mortgage Bond, 6.13%, 8/19/1999. . 15,000 15,013
Federal National Mortgage Association Bond, 7.55%,
4/22/2002 . . . . . . . . . . . . . . . . . . . . 15,000 15,605
Student Loan Marketing Association, 7.50%, 3/8/2000. 15,000 15,196
Tennessee Valley Authority, 5.00%, 12/18/2003. . . . 5,000 4,752
Tennessee Valley Authority, 6.375%, 6/15/2005. . . . 5,000 5,015
---------
TOTAL U.S. GOVERNMENT AGENCIES
(Identified Cost $70,585) 70,182
---------
SHORT-TERM INVESTMENTS - 3.77%
Dreyfus Treasury Cash Management Fund
(Identified Cost $5,546) . . . . . . . . . . . . . . 5,546 5,546
---------
TOTAL INVESTMENTS - 104.22%
(Identified Cost $151,645) 153,232
LIABILITIES, LESS OTHER ASSETS - (4.22)% (6,211)
---------
NET ASSETS - 100% $147,021
=========
</TABLE>
FEDERAL TAX INFORMATION:
At June 30, 1999, the net unrealized appreciation based on identified cost for
federal income tax purposes of $151,645 was as follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized appreciation . . . $2,330
Unrealized depreciation . . . (743)
-------
UNREALIZED APPRECIATION - NET $1,587
=======
</TABLE>
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
STATEMENT OF ASSETS & LIABILITIES (UNAUDITED)
JUNE 30, 1999
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND, INC.
Moderate Maximum
Growth Growth Horizon Small Cap Equity Bond
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ---------- ---------- ----------- ---------- ----------
ASSETS:
<S> <C> <C> <C> <C> <C> <C>
Investments in securities (Note 2):
At identified cost. . . . . . . $ 164,569 $ 504,245 $ 197,627 $ 160,434 $ 197,940 $ 151,645
========== ========== ========== =========== ========== ==========
At value. . . . . . . . . . . . $ 168,201 $ 521,242 $ 218,773 $ 149,140 $ 234,867 $ 153,232
Cash . . . . . . . . . . . . . . . . -- -- -- 331 -- --
Dividends receivable . . . . . . . . 204 918 427 375 400 --
Interest receivable. . . . . . . . . 1,511 2,018 42 -- -- 2,533
Receivable for securities sold . . . -- 4,566 -- -- -- --
Receivable from investment advisor
(Note 3) . . . . . . . . . . . . . 5,991 4,553 5,948 6,275 5,905 6,041
---------- ---------- ---------- ----------- ---------- ----------
TOTAL ASSETS . . . . . . . . . . . . 175,907 533,297 225,190 156,121 241,172 161,806
---------- ---------- ---------- ----------- ---------- ----------
LIABILITIES:
Accrued Directors' fees (Note 3) . . 5,602 5,602 5,602 5,602 5,602 5,602
Audit fee payable. . . . . . . . . . 4,286 4,286 4,286 4,286 4,286 4,286
Custodian fee payable. . . . . . . . 680 1,451 707 443 1,079 200
Other payables and accrued expenses. 3,183 2,633 2,723 2,064 3,237 4,697
---------- ---------- ---------- ----------- ---------- ----------
TOTAL LIABILITIES. . . . . . . . . . 13,751 13,972 13,318 12,395 14,204 14,785
---------- ---------- ---------- ----------- ---------- ----------
NET ASSETS . . . . . . . . . . . . . $ 162,156 $ 519,325 $ 211,872 $ 143,726 $ 226,968 $ 147,021
========== ========== ========== =========== ========== ==========
NET ASSETS CONSIST OF:
Capital stock. . . . . . . . . . . . $ 140 $ 391 $ 159 $ 166 $ 141 $ 134
Additional paid-in-capital . . . . . 140,303 463,597 155,696 158,133 140,507 134,176
Undistributed net investment income. 7,906 21,755 3,681 1,679 2,709 11,110
Accumulated net realized gain (loss)
on investments . . . . . . . . . . . 10,175 16,585 31,190 (4,952) 46,684 14
Net unrealized appreciation
(depreciation) on investments. . 3,632 16,997 21,146 (11,300) 36,927 1,587
---------- ---------- ---------- ----------- ---------- ----------
TOTAL NET ASSETS . . . . . . . . . . $ 162,156 $ 519,325 $ 211,872 $ 143,726 $ 226,968 $ 147,021
========== ========== ========== =========== ========== ==========
SHARES OUTSTANDING . . . . . . . . . 14,007 39,131 15,943 16,632 14,082 13,357
========== ========== ========== =========== ========== ==========
NET ASSET VALUE PER SHARE. . . . . . $ 11.58 $ 13.27 $ 13.29 $ 8.64 $ 16.12 $ 11.01
========== ========== ========== =========== ========== ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
STATEMENT OF OPERATIONS (UNAUDITED)
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDING JUNE 30, 1999
MANNING & NAPIER INSURANCE FUND, INC.
Moderate Maximum
Growth Growth Horizon Small Cap Equity Bond
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
----------- ----------- ----------- ----------- ----------- -----------
INVESTMENT INCOME:
<S> <C> <C> <C> <C> <C> <C>
Interest . . . . . . . . . . . . . . . . $ 3,111 $ 6,364 $ 689 $ 1,147 $ 175 $ 4,367
Dividends. . . . . . . . . . . . . . . . 912 4,034 2,027 817 2,066 --
----------- ----------- ----------- ----------- ----------- -----------
Total Investment Income. . . . . . . . . 4,023 10,398 2,716 1,964 2,241 4,367
----------- ----------- ----------- ----------- ----------- -----------
EXPENSES:
Management fees (Note 3) . . . . . . . . 771 2,577 920 685 956 369
Directors' fees (Note 3) . . . . . . . . 3,819 3,819 3,819 3,819 3,819 3,819
Audit fee. . . . . . . . . . . . . . . . 1,418 1,418 1,418 1,418 1,418 1,418
Custodian fee. . . . . . . . . . . . . . 361 1,064 496 541 496 113
Miscellaneous. . . . . . . . . . . . . . 1,319 1,345 1,318 1,319 1,319 1,319
----------- ----------- ----------- ----------- ----------- -----------
Total Expenses . . . . . . . . . . . . . 7,688 10,223 7,971 7,782 8,008 7,038
Less Reduction of Expenses (Note 3). . . (6,763) (7,130) (6,868) (6,960) (6,861) (6,410)
----------- ----------- ----------- ----------- ----------- -----------
Net Expenses . . . . . . . . . . . . . . 925 3,093 1,103 822 1,147 628
----------- ----------- ----------- ----------- ----------- -----------
NET INVESTMENT INCOME. . . . . . . . . . 3,098 7,305 1,613 1,142 1,094 3,739
----------- ----------- ----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments. 1,706 7,866 7,776 (6,522) 8,298 --
Net change in unrealized appreciation
(depreciation) on investments . . . . 4,028 38,762 32,464 9,909 45,882 (8,301)
----------- ----------- ----------- ----------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS. . . . . . 5,734 46,628 40,240 3,387 54,180 (8,301)
----------- ----------- ----------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS . . . . . . . . . . . . . . . $ 8,832 $ 53,933 $ 41,853 $ 4,529 $ 55,274 $ (4,562)
=========== =========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
22
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND INC
MODERATE GROWTH MAXIMUM HORIZON
PORTFOLIO GROWTH PORTFOLIO PORTFOLIO
----------------- ------------------ -----------------
FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS FOR THE MONTHS FOR THE MONTHS
ENDED YEAR ENDED YEAR ENDED
6/30/99 ENDED 6/30/99 ENDED 6/30/99
(UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED)
----------------- ---------- ------------------ ---------- -----------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
<S> <C> <C> <C> <C> <C>
Net investment income. . . . . . . . . . $ 3,098 $ 4,809 $ 7,305 $ 14,453 $ 1,613
Net realized gain (loss) on investments. 1,706 8,469 7,866 8,719 7,776
Net change in unrealized appreciation
(depreciation) on investments. . . . . 4,028 (4,340) 38,762 (24,073) 32,464
----------------- ---------- ------------------ ---------- -----------------
Net increase (decrease)
from operations . . . . . . . . . . . . 8,832 8,938 53,933 (901) 41,853
----------------- ---------- ------------------ ---------- -----------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment income . . . . . . . -- (4,553) -- (4,332) --
From net realized gain on investment . . -- (8,400) -- (19,198) --
----------------- ---------- ------------------ ---------- -----------------
Total distributions to shareholders. . . -- (12,953) -- (23,530) --
----------------- ---------- ------------------ ---------- -----------------
CAPITAL STOCK ISSUED AND
REPURCHASED:
Net increase (decrease) from capital
share transactions (Note 5) . . . . . . -- 12,953 (149,365) 320,960 --
----------------- ---------- ------------------ ---------- -----------------
Net increase (decrease) in net assets. . 8,832 8,938 (95,432) 296,529 41,853
NET ASSETS:
Beginning of Period. . . . . . . . . . . 153,324 144,386 614,757 318,228 170,019
----------------- ---------- ------------------ ---------- -----------------
END OF PERIOD. . . . . . . . . . . . . . $ 162,156 $ 153,324 $ 519,325 $ 614,757 $ 211,872
================= ========== ================== ========== =================
FOR THE
YEAR
ENDED
12/31/98
----------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
<S> <C>
Net investment income. . . . . . . . . . $ 1,789
Net realized gain (loss) on investments. 24,566
Net change in unrealized appreciation
(depreciation) on investments. . . . . (19,874)
----------
Net increase (decrease)
from operations . . . . . . . . . . . . 6,481
----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment income . . . . . . . (2,062)
From net realized gain on investment . . (26,832)
----------
Total distributions to shareholders. . . (28,894)
----------
CAPITAL STOCK ISSUED AND
REPURCHASED:
Net increase (decrease) from capital
share transactions (Note 5) . . . . . . 28,894
Net increase (decrease) in net assets. . 6,481
NET ASSETS:
Beginning of Period. . . . . . . . . . . 163,538
----------
END OF PERIOD. . . . . . . . . . . . . . $ 170,019
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND INC
SMALL CAP PORTFOLIO EQUITY PORTFOLIO BOND PORTFOLIO
--------------------- ------------------ ----------------
FOR THE FOR THE FOR THE
SIX MONTHS FOR THE SIX MONTHS FOR THE SIX MONTHS
ENDED YEAR ENDED YEAR ENDED
6/30/99 ENDED 6/30/99 ENDED 6/30/99
(UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED)
--------------------- ---------- ------------------ ---------- ----------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
<S> <C> <C> <C> <C> <C>
Net investment income. . . . . . . . . . $ 1,142 $ 512 $ 1,094 $ 1,615 $ 3,739
Net realized gain (loss) on investments. (6,522) 1,595 8,298 38,529 --
Net change in unrealized appreciation
(depreciation) on investments . . . . 9,909 (19,708) 45,882 (33,939) (8,301)
--------------------- ---------- ------------------ ---------- ----------------
Net increase (decrease)
from operations . . . . . . . . . . . 4,529 (17,601) 55,274 6,205 (4,562)
--------------------- ---------- ------------------ ---------- ----------------
DISTRIBUTIONS TO
SHAREHOLDERS (NOTE 2) :
From net investment income . . . . . . . -- -- -- (628) --
From net realized gains on
investments. . . . . . . . . . . . . . . -- (27,459) -- (10,220) --
--------------------- ---------- ------------------ ---------- ----------------
Total distributions to shareholders. . . -- (27,459) -- (10,848) --
--------------------- ---------- ------------------ ---------- ----------------
CAPITAL STOCK ISSUED AND
REPURCHASED:
Net increase from capital share
transactions (Note 5) . . . . . . . . -- 27,459 -- 10,848 --
--------------------- ---------- ------------------ ---------- ----------------
Net increase (decrease) in net assets. . 4,529 (17,601) 55,274 6,205 (4,562)
--------------------- ---------- ------------------ ---------- ----------------
NET ASSETS:
Beginning of Period. . . . . . . . . . . 139,197 156,798 171,694 165,489 151,583
--------------------- ---------- ------------------ ---------- ----------------
END OF PERIOD. . . . . . . . . . . . . . $ 143,726 $ 139,197 $ 226,968 $ 171,694 $ 147,021
===================== ========== ================== ========== ================
FOR THE
YEAR
ENDED
12/31/98
----------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
<S> <C>
Net investment income. . . . . . . . . . $ 7,372
Net realized gain (loss) on investments. 14
Net change in unrealized appreciation
(depreciation) on investments . . . . 5,955
----------
Net increase (decrease)
from operations . . . . . . . . . . . 13,341
----------
DISTRIBUTIONS TO
SHAREHOLDERS (NOTE 2) :
From net investment income . . . . . . . (6,858)
From net realized gains on
investments. . . . . . . . . . . . . . . --
----------
Total distributions to shareholders. . . (6,858)
----------
CAPITAL STOCK ISSUED AND
REPURCHASED:
Net increase from capital share
transactions (Note 5) . . . . . . . . 6,858
----------
Net increase (decrease) in net assets. . 13,341
----------
NET ASSETS:
Beginning of Period. . . . . . . . . . . 138,242
----------
END OF PERIOD. . . . . . . . . . . . . . $ 151,583
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
24
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND, INC.
MODERATE GROWTH PORTFOLIO
FOR THE SIX FOR THE SIX
MONTHS FOR THE FOR THE FOR THE MONTHS
ENDED YEAR YEAR PERIOD ENDED
6/30/99 ENDED ENDED 11/1/96 1 TO 6/30/99
(UNAUDITED) 12/31/98 12/31/97 12/31/96 (UNAUDITED)
------------- --------------------------- ---------- -------------- -------------
PER SHARE DATA (FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD):
NET ASSET VALUE - BEGINNING OF PERIOD $10,95 $11.33 $10.11 $10.00 $11.90
------------- --------------------------- ---------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Income from investment operations:
Net investment income* . . . . . . . . . 0.221 0.343 0.357 0.065 0.276
Net realized and unrealized gain (loss)
on investments. . . . . . . . . . . . 0.409 0.293 0.928 0.045 1.094
------------- --------------------------- ---------- -------------- -------------
Total from investment operations . . . . 0.630 0.636 1.285 0.110 1.370
------------- --------------------------- ---------- -------------- -------------
Less distributions to shareholders:
From net investment income . . . . . . . -- (0.357) (0.065) -- --
From net realized gain on investments. . -- (0.659) -- -- --
------------- --------------------------- ---------- -------------- -------------
Total distributions to shareholders. . . -- (1.016) (0.065) -- --
------------- --------------------------- ---------- -------------- -------------
NET ASSET VALUE - END OF PERIOD. . . . . $ 11.58 $ 10.95 $ 11.33 $ 10.11 $ 13.27
============= =========================== ========== ============== =============
Total return 2 . . . . . . . . . . . . . 5.75% 6.25% 12.73% 1.10% 11.51%
Ratios to average net
assets / Supplemental Data:
Expenses * . . . . . . . . . . . . . 1.20%3 1.20% 1.20% 1.20%3 1.20%3
Net investment income *. . . . . . . 4.02%3 3.25% 3.35% 4.08%3 2.83%3
Portfolio turnover . . . . . . . . . . . 18% 69% 53% 0% 40%
NET ASSETS - END OF PERIOD . . . . . . . $ 162,156 $ 153,324 $ 144,386 $ 128,104 $ 519,325
============= =========================== ========== ============== =============
GROWTH PORTFOLIO
FOR THE FOR THE FOR THE
YEAR YEAR PERIOD
ENDED ENDED 11/1/96 1 TO
12/31/98 12/31/97 12/31/96
------------------ ---------- --------------
PER SHARE DATA (FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD):
NET ASSET VALUE - BEGINNING OF PERIOD $12.17 $10.25 $10.00
------------------ ---------- --------------
<S> <C> <C> <C>
Income from investment operations:
Net investment income* . . . . . . . . . 0.202 0.166 0.050
Net realized and unrealized gain (loss)
on investments. . . . . . . . . . . . 0.003 4 1.804 0.200
------------------ ---------- --------------
Total from investment operations . . . . 0.205 1.970 0.250
------------------ ---------- --------------
Less distributions to shareholders:
From net investment income . . . . . . . (0.087) (0.050) --
From net realized gain on investments. . (0.388) -- --
------------------ ---------- --------------
Total distributions to shareholders. . . (0.475) (0.050) --
------------------ ---------- --------------
NET ASSET VALUE - END OF PERIOD. . . . . $ 11.90 $ 12.17 $ 10.25
================== ========== ==============
Total return 2 . . . . . . . . . . . . . 2.07% 19.23% 2.50%
Ratios to average net
assets / Supplemental Data:
Expenses * . . . . . . . . . . . . . 1.20% 1.20% 1.20%3
Net investment income *. . . . . . . 2.47% 2.42% 3.11%3
Portfolio turnover . . . . . . . . . . . 138% 90% 3%
NET ASSETS - END OF PERIOD . . . . . . . $ 614,757 $ 318,228 $ 129,874
================== ========== ==============
</TABLE>
* The investment advisor did not impose its management fee and paid a portion of
the Portfolio's expenses. If these expenses had been incurred by the Portfolio,
and had 1996 expenses been limited by state securities law, the net investment
income per share and the ratios would have been as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net investment income (loss) . . $ (0.261) $(0.516) $(1.024) $ 0.044 $ 0.006 $0.030 $(0.505) $ 0.029
Ratios (to average net assets):
Expenses. . . . . . . . . . . 9.97%3 9.34% 14.16% 2.50%3 3.97%3 3.30% 10.98% 2.50%3
Net investment income (loss). (4.75)%3 (4.89)% (9.61)% 2.78%3 0.06%3 0.37% (7.36)% 1.81%3
</TABLE>
1 Commencement of operations.
2 Represents aggregate total return for the period indicated.
3 Annualized.
4 The amount shown for a share outstanding does not correspond with the
aggregate net loss on investments for the period due to the timing of sales and
repurchase of portfolio shares in relation to fluctuating market values
of the investments of the portfolio.
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
FINANCIAL HIGHLIGHTS - CONTINUED
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND, INC.
MAXIMUM HORIZON PORTFOLIO
FOR THE SIX FOR THE SIX
MONTHS FOR THE FOR THE FOR THE MONTHS
ENDED YEAR YEAR PERIOD ENDED
6/30/99 ENDED ENDED 11/1/96 1 TO 6/30/99
(UNAUDITED) 12/31/98 12/31/97 12/31/96 (UNAUDITED)
------------- --------------------------- ---------- -------------- -------------
PER SHARE DATA (FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD):
NET ASSET VALUE - BEGINNING OF PERIOD $10.66 $12.89 $10.44 $10.00 $8.37
------------- --------------------------- ---------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Income from investment operations:
Net investment income (loss)*. . . . . . 0.101 0.127 0.093 0.023 0.069
Net realized and unrealized gain (loss)
on investments. . . . . . . . . . . . 2.529 (0.079)4 2.380 0.417 0.201
------------- --------------------------- ---------- -------------- -------------
Total from investment operations . . . . 2.630 0.048 2.473 0.440 0.270
------------- --------------------------- ---------- -------------- -------------
Less distributions to shareholders:
From net investment income . . . . . . . -- (0.163) (0.023) -- --
From net realized gain on investments. . -- (2.115) -- -- --
------------- --------------------------- ---------- -------------- -------------
Total distributions to shareholders. . . -- (2.278) (0.023) -- --
------------- --------------------------- ---------- -------------- -------------
NET ASSET VALUE - END OF PERIOD. . . . . $ 13.29 $ 10.66 $ 12.89 $ 10.44 $ 8.64
============= =========================== ========== ============== =============
Total return 2 . . . . . . . . . . . . . 24.67% 3.91% 23.69% 4.40% 3.23%
Ratios of expenses (to average net
assets) / Supplemental Data:
Expenses * . . . . . . . . . . . . . 1.20%3 1.20% 1.20% 1.20%3 1.20%3
Net investment income (loss)*. . . . 1.75%3 1.08% 0.78% 1.43%3 1.67%3
Portfolio turnover . . . . . . . . . . . 36% 100% 120% 4% 34%
NET ASSETS - END OF PERIOD . . . . . . . $ 211,872 $ 170,019 $ 163,538 $ 132,216 $ 143,727
============= =========================== ========== ============== =============
SMALL CAP PORTFOLIO
FOR THE FOR THE FOR THE
YEAR YEAR PERIOD
ENDED ENDED 11/1/96 1 TO
12/31/98 12/31/97 12/31/96
--------------------- ---------- --------------
PER SHARE DATA (FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD):
NET ASSET VALUE - BEGINNING OF PERIOD $12.13 $10.72 $10.00
--------------------- ---------- --------------
<S> <C> <C> <C>
Income from investment operations:
Net investment income (loss)*. . . . . . 0.031 (0.027) 0.009
Net realized and unrealized gain (loss)
on investments. . . . . . . . . . . . (1.666) 1.446 0.711
--------------------- ---------- --------------
Total from investment operations . . . . (1.635) 1.419 0.720
--------------------- ---------- --------------
Less distributions to shareholders:
From net investment income . . . . . . . -- (0.009) --
From net realized gain on investments. . (2.125) -- --
--------------------- ---------- --------------
Total distributions to shareholders. . . (2.125) (0.009) --
--------------------- ---------- --------------
NET ASSET VALUE - END OF PERIOD. . . . . $ 8.37 $ 12.13 $ 10.72
===================== ========== ==============
Total return 2 . . . . . . . . . . . . . (11.18)% 13.23% 7.20%
Ratios of expenses (to average net
assets) / Supplemental Data:
Expenses * . . . . . . . . . . . . . 1.20% 1.20% 1.20%3
Net investment income (loss)*. . . . 0.33% (0.23%) 0.55%3
Portfolio turnover . . . . . . . . . . . 155% 72% 9%
NET ASSETS - END OF PERIOD . . . . . . . $ 139,197 $ 156,798 $ 138,374
===================== ========== ==============
</TABLE>
* The investment advisor did not impose its management fee and paid a portion of
the Portfolio's expenses. If these expenses had been incurred by the Portfolio,
and had 1996 expenses been limited by state securities law, the net investment
income per share and the ratios would have been as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net investment income (loss) . . $ (0.330) ($0.723) $ (1.285) $ 0.002 $ (0.350) $(0.705) $ (1.357) $ (0.012)
Ratios (to average net assets):
Expenses. . . . . . . . . . . 8.67%3 8.43% 12.76% 2.50%3 11.35%3 9.04% 12.53% 2.50%3
Net investment income (loss). (5.72)%3 (6.15)% (10.78)% 0.13%3 (8.48)%3 (7.51)% (11.56%) (0.75%)3
</TABLE>
1 Commencement of operations.
2 Represents aggregate total return for the period indicated.
3 Annualized.
4 The amount shown for a share outstanding does not correspond with the
aggregate net gain on investments for the period due to the timing of sales and
repurchase of portfolio shares in relation to fluctuating market values of the
investments of the portfolio.
The accompanying notes are an integral part of the financial statements.
26
<PAGE>
FINANCIAL HIGHLIGHTS - CONTINUED
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND, INC.
EQUITY PORTFOLIO
FOR THE SIX FOR THE FOR THE FOR THE FOR THE SIX
MONTHS ENDED YEAR YEAR PERIOD MONTHS ENDED
6/30/99 ENDED ENDED 11/1/96 1 TO 6/30/99
(UNAUDITED) 12/31/98 12/31/97 12/31/96 (UNAUDITED)
-------------- ------------------ ---------- -------------- --------------
PER SHARE DATA (FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD):
NET ASSET VALUE - BEGINNING OF PERIOD $12.19 $12.78 $10.56 $10.00 $11.35
-------------- ------------------ ---------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Income from investment operations:
Net investment income* . . . . . . . . . 0.077 0.115 0.048 0.047 0.280
Net realized and unrealized gain (loss)
on investments. . . . . . . . . . . . 3.853 0.133 2.219 0.513 (0.620)
-------------- ------------------ ---------- -------------- --------------
Total from investment operations . . . . 3.930 0.248 2.267 0.560 (0.340)
-------------- ------------------ ---------- -------------- --------------
Less distributions to shareholders:
From net investment income . . . . . . . -- (0.049) (0.047) -- --
From net realized gain on investments. . -- (0.789) -- -- --
-------------- ------------------ ---------- -------------- --------------
Total distribution to shareholders . . . -- (0.838) (0.047) -- --
-------------- ------------------ ---------- -------------- --------------
NET ASSET VALUE - END OF PERIOD. . . . . $ 16.12 $ 12.19 $ 12.78 $ 10.56 $ 11.01
============== ================== ========== ============== ==============
Total return2. . . . . . . . . . . . . . 32.24% 3.69% 21.46% 5.60% (3.00)%
Ratios of expenses (to average net
assets) / Supplemental Data:
Expenses * . . . . . . . . . . . . . 1.20%3 1.20% 1.20% 1.20%3 0.85%3
Net investment income *. . . . . . . 1.14%3 0.98% 0.41% 2.84%3 5.06%3
Portfolio turnover . . . . . . . . . . . 57% 68% 50% 29% 0%
NET ASSETS - END OF PERIOD . . . . . . . $ 226,968 $ 171,694 $ 165,489 $ 136,267 $ 147,021
============== ================== ========== ============== ==============
BOND PORTFOLIO
FOR THE FOR THE FOR THE
YEAR YEAR PERIOD
ENDED ENDED 11/1/96 1 TO
12/31/98 12/31/97 12/31/96
---------------- ---------- --------------
PER SHARE DATA (FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD):
NET ASSET VALUE - BEGINNING OF PERIOD $10.85 $9.94 $10.00
---------------- ---------- --------------
<S> <C> <C> <C>
Income from investment operations:
Net investment income* . . . . . . . . . 0.552 0.538 0.062
Net realized and unrealized gain (loss)
on investments. . . . . . . . . . . . 0.486 0.434 (0.122)
---------------- ---------- --------------
Total from investment operations . . . . 1.038 0.972 (0.060)
---------------- ---------- --------------
Less distributions to shareholders:
From net investment income . . . . . . . (0.538) (0.062) --
From net realized gain on investments. . -- -- --
---------------- ---------- --------------
Total distribution to shareholders . . . (0.538) (0.062) --
---------------- ---------- --------------
NET ASSET VALUE - END OF PERIOD. . . . . $ 11.35 $ 10.85 $ 9.94
================ ========== ==============
Total return2. . . . . . . . . . . . . . 9.65% 9.81% (0.60)%
Ratios of expenses (to average net
assets) / Supplemental Data:
Expenses * . . . . . . . . . . . . . 0.85% 0.85% 0.85%3
Net investment income *. . . . . . . 5.09% 5.29% 3.92%3
Portfolio turnover . . . . . . . . . . . 11% 0% 0%
NET ASSETS - END OF PERIOD . . . . . . . $ 151,583 $ 138,242 $ 125,875
================ ========== ==============
</TABLE>
* The investment advisor did not impose its management fee and paid a portion of
the Portfolio's expenses. If these expenses had been incurred by the Portfolio,
and had 1996 expenses been limited by state securities law, the net investment
income per share and the ratios would have been as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net investment income (loss) . . $ (0.408) $ (0.737) $ (1.268) $ 0.025 $ (0.200) $(0.333) $(0.827) $ 0.036
Ratios (to average net assets):
Expenses. . . . . . . . . . . 8.38%3 8.46 % 12.44% 2.50%3 9.52%3 9.01% 14.27% 2.50%3
Net investment income (loss). (6.04)%3 (6.28 )% (10.83)% 1.54%3 (3.61)%3 (3.07)% (8.13)% 2.27%3
</TABLE>
1 Commencement of operations.
2 Represents aggregate total return for the period indicated.
3 Annualized.
The accompanying notes are an integral part of the financial statements.
27
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION
Manning & Napier Moderate Growth Portfolio ("Moderate Growth Portfolio"),
Manning & Napier Growth Portfolio ("Growth Portfolio"), Manning & Napier
Maximum Horizon Portfolio ("Maximum Horizon Portfolio"), Manning & Napier Small
Cap Portfolio ("Small Cap Portfolio"), Manning & Napier Equity Portfolio
("Equity Portfolio"), and Manning & Napier Bond Portfolio ("Bond Portfolio")
are no-load diversified portfolios (collectively the "Portfolios") of Manning &
Napier Insurance 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. 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 Fund are offered only to
separate accounts funding variable annuity contracts issued by Keyport Life
Insurance Company and Liberty Life Insurance Company of Boston.
The total authorized capital stock of the Fund consists of 300 million shares of
common stock each having a par value of $0.01. As of June 30, 1999, the shares
are currently classified into six classes of shares including: Class A -
Moderate Growth Portfolio, Class B - Growth Portfolio, Class C - Maximum Horizon
Portfolio, Class D - Equity 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 latest quoted sales
price of the exchange on which the security is traded most extensively.
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.
Debt securities, including government bonds and mortgage backed securities, will
normally be valued on the basis of evaluated bid prices provided by the Fund's
pricing service.
Securities for which representative valuations or 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 days or less are valued at amortized
cost, which approximated market value.
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 Fund can be attributed to a specific portfolio. Expenses
which cannot be directly attributed are apportioned among the portfolios in the
Fund.
FEDERAL INCOME TAXES
The Portfolios' policy is to comply with the provisions of the Internal Revenue
Code applicable to regulated investment companies. The Portfolios are not
subject to federal income tax to the extent that the Portfolio qualify as
Regulated Investment Companies as defined in Subchapter M in the Internal
Revenue Code and distribute to shareholders each year their 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
have been made in the financial statements.
The Portfolios uses the identified cost method for determining realized gains or
losses on investments for both financial statement and federal income tax
reporting purposes.
DISTRIBUTIONS 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, if any, are distributed annually. An additional distribution
may be necessary to avoid taxation of the Portfolios.
28
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
DISTRIBUTION OF INCOME AND GAINS (continued)
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 Portfolios may periodically make
reclassifications among its capital accounts without impacting the Portfolios'
net asset value.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Portfolios 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) purchases 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
investment that result from fluctuations in foreign currency exchange rates is
not separately stated.
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
The Portfolios may purchase or sell forward foreign currency contracts in order
to hedge portfolio positions or specific transactions. 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 June 30, 1999, the Portfolios 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 asset and liabilities at the date of the financial statements and the
reported amounts of the revenues and expenses during the reporting period.
Actual results could differ from those estimates.
3. TRANSACTIONS WITH AFFILIATES
The Fund has an investment advisory agreement with Manning & Napier Advisors,
Inc. (the "Advisor"), for which the Portfolios pay the Advisor a fee, computed
daily and payable monthly, at an annual rate based upon the following
percentages of average daily net assets: 1.00% for the Moderate Growth
Portfolio, Growth Portfolio, Maximum Horizon Portfolio, Small Cap Portfolio, and
the Equity Portfolio and 0.50% for Bond Portfolio. For the six months ended
June 30, 1999, the fees amounted to: $771 for the Moderate Growth Portfolio;
$2,577 for the Growth Portfolio; $920 for the Maximum Horizon Portfolio; $685
for the Small Cap Portfolio; $956 for the Equity Portfolio; and $369 for the
Bond Portfolio.
Under the Fund's Investment Advisory Agreement (the "Agreement"), personnel of
the Advisor provide the Portfolios with advice and assistance in the choice of
investments and the execution of securities transactions, and otherwise maintain
the Portfolios' 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 Portfolios in order to maintain total expenses for the Moderate
Growth Portfolio, Growth Portfolio, Maximum Horizon Portfolio, Small Cap
Portfolio, and the Equity 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 $5,992 for the Moderate Growth Portfolio, $4,553 for the Growth
Portfolio, $5,948 for the Maximum Horizon Portfolio, $6,275 for the Small Cap
Portfolio, $5,905 for the Equity Portfolio, and $6,041 for the Bond Portfolio,
for the six months ended June 30, 1999.
29
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
3. TRANSACTIONS WITH AFFILIATES (CONTINUED)
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
Portfolios.
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 Portfolios.
The compensation of the non-affiliated Directors totaled $3,819 for each
Portfolios for the six months ended June 30, 1999.
4. BENEFICIAL OWNERSHIP
At June 30, 1999, the Advisor was a significant shareholder in each of the
Funds, and Keyport Life Insurance Company was a significant shareholder in the
Growth Portfolio.
5. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities, other than short-term securities, for the six
months ended June 30, 1999 were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
-------------- --------------
PORTFOLIOS OTHER ISSUERS GOVERNMENT OTHER ISSUERS GOVERNMENT
- ------------------------- -------------- ----------- -------------- -----------
<S> <C> <C> <C> <C>
Moderate Growth Portfolio $ 12,008 $ 18,923 $ 22,448 $ 4,744
Growth Portfolio. . . . . 96,571 101,315 216,041 192,439
Maximum Horizon Portfolio 63,826 -- 75,440 5,120
Small Cap Portfolio . . . 31,317 -- 45,002 --
Equity Portfolio. . . . . 115,866 -- 111,063 --
Bond Portfolio. . . . . . -- 9,741 -- --
</TABLE>
6. CAPITAL STOCK TRANSACTIONS
Transactions in capital shares of Portfolios were as follows:
<TABLE>
<CAPTION>
FOR THE SIX MONTHS FOR THE YEAR
ENDED 6/30/99 ENDED 12/31/98
------------------- ----------------
PORTFOLIOS SHARES AMOUNT SHARES AMOUNT
- ------------------------- ------------------ --------------- ------------ ---------
<S> <C> <C> <C> <C>
Moderate Growth Portfolio
Reinvested. . . . . -- -- 1,266 $ 12,953
Growth Portfolio
Sold. . . . . . . . 4,207 $ 51,163 39,407 $ 498,864
Reinvested. . . . . -- -- 2,171 23,530
Repurchased . . . . (16,753) 200,529 (16,050) (201,434)
------------------- ---------------- ------------- ----------
Total . . . . . . . (12,546) $ (149,365) 25,528 $ 320,960
=================== ================ ============= ==========
Maximum Horizon Portfolio
Reinvested. . . . . -- -- 3,253 $ 28,894
Small Cap Portfolio
Reinvested. . . . . -- -- 3,711 $ 27,459
Equity Portfolio
Reinvested. . . . . -- -- 1,128 $ 10,848
Bond Portfolio
Reinvested. . . . . -- -- 614 $ 6,858
</TABLE>
There were no shares repurchased during the six months ended June 30, 1999 or
the year ended December 31, 1998, other than in the Growth Portfolio.
30
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
7. FINANCIAL INSTRUMENTS
The Portfolios 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 a varying degree, elements of risk in excess of the amounts
recognized for financial statement purposes. No such investments were held by
the Portfolios on June 30, 1999.
8. FOREIGN SECURITIES
Investing in securities of foreign companies and foreign governments involves
special risks and considerations not typically associated with investing in
securities of domestic companies and the United States 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
securities of comparable domestic companies and the United States Government.
31
<PAGE>
<PAGE>
[ARTICLE] 6
[LEGEND]
[RESTATED]
[CIK] 0001003369
[NAME] MANNING & NAPIER INSURANCE FUND, INC.
[SERIES]
[NAME] MANNING & NAPIER SMALL CAP PORTFOLIO
[NUMBER] 6
[MULTIPLIER] 1
[CURRENCY] 1
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-START] JAN-01-1999
[PERIOD-END] JUN-30-1999
[PERIOD-TYPE] 6-MOS
[EXCHANGE-RATE] 1
[INVESTMENTS-AT-COST] 160434
[INVESTMENTS-AT-VALUE] 149140
[RECEIVABLES] 6650
[ASSETS-OTHER] 331
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 156121
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 12395
[TOTAL-LIABILITIES] 12395
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 158299
[SHARES-COMMON-STOCK] 16632
[SHARES-COMMON-PRIOR] 16632
[ACCUMULATED-NII-CURRENT] 1679
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (4952)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (11300)
[NET-ASSETS] 143726
[DIVIDEND-INCOME] 817
[INTEREST-INCOME] 1147
[OTHER-INCOME] 0
[EXPENSES-NET] 822
[NET-INVESTMENT-INCOME] 1142
[REALIZED-GAINS-CURRENT] (6522)
[APPREC-INCREASE-CURRENT] 9909
[NET-CHANGE-FROM-OPS] 4529
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 4529
[ACCUMULATED-NII-PRIOR] 537
[ACCUMULATED-GAINS-PRIOR] 1570
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 685
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 7782
[AVERAGE-NET-ASSETS] 138492
[PER-SHARE-NAV-BEGIN] 8.37
[PER-SHARE-NII] 0.069
[PER-SHARE-GAIN-APPREC] 0.201
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 8.64
[EXPENSE-RATIO] 1.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
[ARTICLE] 6
[LEGEND]
[RESTATED]
[CIK] 0001003369
[NAME] MANNING & NAPIER INSURANCE FUND, INC.
[SERIES]
[NAME] MANNING & NAPIER BOND PORTFOLIO
[NUMBER] 1
[MULTIPLIER] 1
[CURRENCY] 1
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-START] JAN-01-1999
[PERIOD-END] JUN-30-1999
[PERIOD-TYPE] 6-MOS
[EXCHANGE-RATE] 1
[INVESTMENTS-AT-COST] 151645
[INVESTMENTS-AT-VALUE] 153232
[RECEIVABLES] 8574
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 161806
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 14785
[TOTAL-LIABILITIES] 14785
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 134310
[SHARES-COMMON-STOCK] 13357
[SHARES-COMMON-PRIOR] 13357
[ACCUMULATED-NII-CURRENT] 11110
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 14
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1587
[NET-ASSETS] 147021
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 4367
[OTHER-INCOME] 0
[EXPENSES-NET] 628
[NET-INVESTMENT-INCOME] 3739
[REALIZED-GAINS-CURRENT] 0
[APPREC-INCREASE-CURRENT] (8301)
[NET-CHANGE-FROM-OPS] (4562)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (4562)
[ACCUMULATED-NII-PRIOR] 7371
[ACCUMULATED-GAINS-PRIOR] 14
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 369
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 7038
[AVERAGE-NET-ASSETS] 149236
[PER-SHARE-NAV-BEGIN] 11.35
[PER-SHARE-NII] 0.280
[PER-SHARE-GAIN-APPREC] (0.620)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.01
[EXPENSE-RATIO] 0.85
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
[ARTICLE] 6
[LEGEND]
[RESTATED]
[CIK] 0001003369
[NAME] MANNING & NAPIER INSURANCE FUND, INC.
[SERIES]
[NAME] MANNING & NAPIER EQUITY PORTFOLIO
[NUMBER] 5
[MULTIPLIER] 1
[CURRENCY] 1
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-START] JAN-01-1999
[PERIOD-END] JUN-30-1999
[PERIOD-TYPE] 6-MOS
[EXCHANGE-RATE] 1
[INVESTMENTS-AT-COST] 197940
[INVESTMENTS-AT-VALUE] 234867
[RECEIVABLES] 6305
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 241172
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 14204
[TOTAL-LIABILITIES] 14204
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 140648
[SHARES-COMMON-STOCK] 14082
[SHARES-COMMON-PRIOR] 14082
[ACCUMULATED-NII-CURRENT] 2709
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 46684
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 36927
[NET-ASSETS] 226968
[DIVIDEND-INCOME] 2066
[INTEREST-INCOME] 175
[OTHER-INCOME] 0
[EXPENSES-NET] 1147
[NET-INVESTMENT-INCOME] 1094
[REALIZED-GAINS-CURRENT] 8298
[APPREC-INCREASE-CURRENT] 45882
[NET-CHANGE-FROM-OPS] 55274
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 55274
[ACCUMULATED-NII-PRIOR] 1615
[ACCUMULATED-GAINS-PRIOR] 38386
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 956
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 8008
[AVERAGE-NET-ASSETS] 193300
[PER-SHARE-NAV-BEGIN] 12.19
[PER-SHARE-NII] 0.077
[PER-SHARE-GAIN-APPREC] 3.853
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 16.12
[EXPENSE-RATIO] 1.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
[ARTICLE] 6
[LEGEND]
[RESTATED]
[CIK] 0001003369
[NAME] MANNING & NAPIER INSURANCE FUND, INC.
[SERIES]
[NAME] MANNING & NAPIER GROWTH PORTFOLIO
[NUMBER] 3
[MULTIPLIER] 1
[CURRENCY] 1
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-START] JAN-01-1999
[PERIOD-END] JUN-30-1999
[PERIOD-TYPE] 6-MOS
[EXCHANGE-RATE] 1
[INVESTMENTS-AT-COST] 504245
[INVESTMENTS-AT-VALUE] 521242
[RECEIVABLES] 12055
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 533297
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 13972
[TOTAL-LIABILITIES] 13972
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 463988
[SHARES-COMMON-STOCK] 39131
[SHARES-COMMON-PRIOR] 51677
[ACCUMULATED-NII-CURRENT] 21755
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 16585
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 16997
[NET-ASSETS] 519325
[DIVIDEND-INCOME] 4034
[INTEREST-INCOME] 6364
[OTHER-INCOME] 0
[EXPENSES-NET] 3093
[NET-INVESTMENT-INCOME] 7305
[REALIZED-GAINS-CURRENT] 7866
[APPREC-INCREASE-CURRENT] 38762
[NET-CHANGE-FROM-OPS] 53933
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 4207
[NUMBER-OF-SHARES-REDEEMED] 16753
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (95432)
[ACCUMULATED-NII-PRIOR] 14450
[ACCUMULATED-GAINS-PRIOR] 8719
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2577
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 10223
[AVERAGE-NET-ASSETS] 534750
[PER-SHARE-NAV-BEGIN] 11.90
[PER-SHARE-NII] 0.276
[PER-SHARE-GAIN-APPREC] 1.094
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.27
[EXPENSE-RATIO] 1.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
[ARTICLE] 6
[LEGEND]
[RESTATED]
[CIK] 0001003369
[NAME] MANNING & NAPIER INSURANCE FUND, INC.
[SERIES]
[NAME] MANNING & NAPIER MODERATE GROWTH PORTFOLIO
[NUMBER] 2
[MULTIPLIER] 1
[CURRENCY] 1
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-START] JAN-01-1999
[PERIOD-END] JUN-30-1999
[PERIOD-TYPE] 6-MOS
[EXCHANGE-RATE] 1
[INVESTMENTS-AT-COST] 164569
[INVESTMENTS-AT-VALUE] 168201
[RECEIVABLES] 7706
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 175907
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 13751
[TOTAL-LIABILITIES] 13751
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 140443
[SHARES-COMMON-STOCK] 14007
[SHARES-COMMON-PRIOR] 14007
[ACCUMULATED-NII-CURRENT] 7906
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 10175
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 3632
[NET-ASSETS] 162156
[DIVIDEND-INCOME] 912
[INTEREST-INCOME] 3111
[OTHER-INCOME] 0
[EXPENSES-NET] 925
[NET-INVESTMENT-INCOME] 3098
[REALIZED-GAINS-CURRENT] 1706
[APPREC-INCREASE-CURRENT] 4028
[NET-CHANGE-FROM-OPS] 8832
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 8832
[ACCUMULATED-NII-PRIOR] 4808
[ACCUMULATED-GAINS-PRIOR] 8469
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 771
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 7688
[AVERAGE-NET-ASSETS] 155797
[PER-SHARE-NAV-BEGIN] 10.95
[PER-SHARE-NII] 0.221
[PER-SHARE-GAIN-APPREC] 0.409
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.58
[EXPENSE-RATIO] 1.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
[ARTICLE] 6
[LEGEND]
[RESTATED]
[CIK] 0001003369
[NAME] MANNING & NAPIER INSURANCE FUND, INC.
[SERIES]
[NAME] MANNING & NAPIER MAXIMUM HORIZON PORTFOLIO
[NUMBER] 4
[MULTIPLIER] 1
[CURRENCY] 1
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-START] JAN-01-1999
[PERIOD-END] JUN-30-1999
[PERIOD-TYPE] 6-MOS
[EXCHANGE-RATE] 1
[INVESTMENTS-AT-COST] 197627
[INVESTMENTS-AT-VALUE] 218773
[RECEIVABLES] 6417
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 225190
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 13318
[TOTAL-LIABILITIES] 13318
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 155855
[SHARES-COMMON-STOCK] 15943
[SHARES-COMMON-PRIOR] 15943
[ACCUMULATED-NII-CURRENT] 3681
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 31190
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 21146
[NET-ASSETS] 211872
[DIVIDEND-INCOME] 2027
[INTEREST-INCOME] 689
[OTHER-INCOME] 0
[EXPENSES-NET] 1103
[NET-INVESTMENT-INCOME] 1613
[REALIZED-GAINS-CURRENT] 7776
[APPREC-INCREASE-CURRENT] 32464
[NET-CHANGE-FROM-OPS] 41853
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 41853
[ACCUMULATED-NII-PRIOR] 2068
[ACCUMULATED-GAINS-PRIOR] 23414
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 920
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 7971
[AVERAGE-NET-ASSETS] 186019
[PER-SHARE-NAV-BEGIN] 10.66
[PER-SHARE-NII] 0.101
[PER-SHARE-GAIN-APPREC] 2.529
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.29
[EXPENSE-RATIO] 1.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
