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 & Bond Portfolio
Annual Report
December 31, 1999
<PAGE>
MANAGEMENT DISCUSSION AND ANALYSIS - DECEMBER 31, 1999
DEAR CONTRACT OWNER:
1999 was a year of contrasts in the financial markets. There were two prominent
characteristics of 1999's investment performance:
1. It was one of the worst years on record for the bond market. The
Long-Term Treasury Index declined more than 9%.
2. Manning & Napier's equity performance improved greatly, outperforming
another strong year for the S&P 500.
The Portfolios of the Manning & Napier Insurance Fund have different long-term
objectives and their portfolios are constructed toward meeting those objectives.
The Bond Portfolio felt the bond market's troubles in 1999. This was also true
for the Moderate Growth Portfolio, which also has a significant weighting in
bonds, although the effect of bonds on the performance of this Portfolio was
mitigated somewhat by good equity performance over the year.
Our equities performed well in 1999 despite no help from value stocks, which
slipped back after a promising rally in the second quarter. While it is good
that we performed well despite the fact that value has yet to come around, what
is important to note is we did not sacrifice the value, or price-conscious,
aspect of our investment approach. To put this in perspective, 1999 was a year
in which those companies projected to LOSE money over the year ahead
outperformed those expected to have positive earnings. In this environment,
certain prominent "value" funds have abandoned their disciplines to jump on the
speculative bandwagon. We have not. Obviously, an investment emphasis on
money-losing companies is not a sustainable strategy over time; in contrast,
value investing has proven to be a winning strategy over the long run. In
particular, price will always be a critical part of any responsible investment
decision.
A variety of performance statistics is published every year, and the media
broadcast the gaudiest. However, perhaps the most telling statistic we've seen
about 1999's market is the price change of the median stock on the New York
Stock Exchange: -4.4%. That's right -- the typical U.S. stock went DOWN last
year, despite the impression given by composites that are skewed by
capitalization weighting. While this made the investment environment
challenging, it also explains why we have been able to continue to find
opportunities in a market with so many prominent excesses -- when most stock
prices are falling, they are bound to create some opportunities. Despite this,
we remain cautious. The speculation concentrated in a few popular segments of
the market is following the classic boom-and-bust pattern, and when speculation
collapses, it can take the whole market with it before fundamentals start to
take hold. With value investing overdue to resume market leadership and bond
yields high on an absolute and inflation-adjusted basis, we do see good things
ahead.
We wish you all the best in the new year.
Sincerely,
MANNING & NAPIER ADVISORS, INC.
2
<PAGE>
PERFORMANCE UPDATE AS OF DECEMBER 31, 1999
OBJECTIVES-BASED PORTFOLIOS (MODERATE GROWTH, GROWTH, MAXIMUM HORIZON)
Bonds had a tough year in 1999, and the returns of the Moderate Growth and
Growth Portfolios, which each hold substantial bond investments, reflect this.
Fortunately, the effects of the downturn in bonds were limited to a certain
extent by the success of our stock holdings over the course of the year. Bonds
continue to play an important role in any investment portfolio over the
longer-term given the consistency of their coupon payments and the importance of
diversification. This is particularly true for investments like the Moderate
Growth and Growth Portfolios, which place importance on dampening volatility.
As discussed in the letter in the front of this Annual Report, our stocks had an
excellent year. However, we still believe that the U.S. stock market in general
remains seriously overvalued. We have succeeded by maintaining our focus on
stocks with lower valuations. Likewise, in an effort to provide protection from
almost certain earnings disappointments being experienced broadly in the U.S.,
we have maintained a focus on companies with strong strategic positioning in
their industry and/or industries near the bottom of their supply/demand cycle.
Finally, the Portfolios have benefited from the inclusion of some selected
international stocks.
Manning & Napier Moderate Growth Portfolio
<TABLE>
<CAPTION>
Total Return
Through Growth of $10,000 Average
12/31/99 Investment Cumulative Annual
<C> <S> <C> <C>
One Year $10,406 4.06% 4.06%
Inception 1 $12,601 26.01% 7.57%
</TABLE>
Lehman Brothers Intermediate Bond Index 4
<TABLE>
<CAPTION>
Total Return
Through Growth of $10,000 Average
12/31/99 Investment Cumulative Annual
<C> <S> <C> <C>
One Year $10,039 0.39% 0.39%
Inception 1 $11,821 18.21% 5.42%
</TABLE>
30-70 Blended Index 5
<TABLE>
<CAPTION>
Total Return
Through Growth of $10,000 Average
12/31/99 Investment Cumulative Annual
<C> <S> <C> <C>
One Year $10,637 6.37% 6.37%
Inception 1 $14,360 43.60% 12.10%
</TABLE>
[graphic]
[line chart]
Data for line chart to follow:
<TABLE>
<CAPTION>
Manning & Napier Lehman Brothers
Date Moderate Growth Portfolio Intermediate Bond index 4 30-70 Blended Index 5
<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
12/31/99 12,601 11,821 14,360
</TABLE>
[graphic]
[pie chart]
Data for pie chart to follow:
Portfolio Composition
Moderate Growth Portfolio - As of 12/31/99
Stocks - 40.83%
Bonds - 56.03%
Cash, short-term investments and liabilities,
less other assets - 3.14%
Please see Page 9 for Footnotes
3
<PAGE>
PERFORMANCE UPDATE AS OF DECEMBER 31, 1999
OBJECTIVES-BASED PORTFOLIOS (MODERATE GROWTH, GROWTH, MAXIMUM HORIZON)
Manning & Napier Growth Portfolio
<TABLE>
<CAPTION>
Total Return
Through Growth of $10,000 Average
12/31/99 Investment Cumulative Annual
<C> <S> <C> <C>
One Year $11,274 12.74% 12.74%
Inception 1 $14,062 40.62% 11.36%
</TABLE>
Lehman Brothers Intermediate Bond Index 4
<TABLE>
<CAPTION>
Total Return
Through Growth of $10,000 Average
12/31/99 Investment Cumulative Annual
<C> <S> <C> <C>
One Year $10,039 0.39% 0.39%
Inception 1 $11,821 18.21% 5.42%
</TABLE>
50-50 Blended Index 6
<TABLE>
<CAPTION>
Total Return
Through Growth of $10,000 Average
12/31/99 Investment Cumulative Annual
<C> <S> <C> <C>
One Year $10,980 9.80% 9.80%
Inception 1 $16,332 63.32% 16.75%
</TABLE>
[graphic]
[line chart]
Data for line chart to follow:
<TABLE>
<CAPTION>
Manning & Napier Lehman Brothers
Date Growth Portfolio Intermediate Bond index 4 50-50 Blended Index 6
<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
12/31/99 14,062 11,821 16,332
</TABLE>
[graphic]
[pie chart]
Data for pie chart to follow:
Portfolio Composition
Growth Portfolio - As of 12/31/99
Stocks - 58.11%
Bonds - 38.81%
Cash, short-term investments and liabilities,
less other assets - 3.08%
Please see Page 9 for Footnotes
4
<PAGE>
PERFORMANCE UPDATE AS OF DECEMBER 31, 1999
OBJECTIVES-BASED PORTFOLIOS (MODERATE GROWTH, GROWTH, MAXIMUM HORIZON)
Manning & Napier Maximum Horizon Portfolio
<TABLE>
<CAPTION>
Total Return
Through Growth of $10,000 Average
12/31/99 Investment Cumulative Annual
<C> <S> <C> <C>
One Year $13,428 34.28% 34.28%
Inception 1 $18,017 80.17% 20.43%
</TABLE>
Standard & Poor's (S&P) 500 Total Return Index 3
<TABLE>
<CAPTION>
Total Return
Through Growth of $10,000 Average
12/31/99 Investment Cumulative Annual
<C> <S> <C> <C>
One Year $12,104 21.04% 21.04%
Inception 1 $21,879 118.79% 28.15%
</TABLE>
[graphic]
[line chart]
Data for line chart to follow:
<TABLE>
<CAPTION>
Manning & Napier Standard & Poor's (S&P)
Date Maximum Horizon Portfolio 500 Total Return Index 3
<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
12/31/99 18,017 21,879
</TABLE>
[graphic]
[pie chart]
Data for pie chart to follow:
Portfolio Composition
Maximum Horizon Portfolio - As of 12/31/99
Stocks - 84.59%
Bonds - 8.54%
Cash, short-term investments and liabilities,
less other assets - 6.87%
Please see Page 9 for Footnotes
5
<PAGE>
PERFORMANCE UPDATE AS OF DECEMBER 31, 1999
SMALL CAP PORTFOLIO
The divergence between growth and value stocks in 1999 was particularly wide in
the small cap sector. One of the main causes of the gap was the performance of
technology stocks, which drove the growth category. Because few stocks in the
technology sector currently meet our value-oriented criteria, the Series does
not hold a large number of them. Our small weightings in technology and
biotechnology stocks contributed positively to the Series' return over the year.
Manning & Napier Small Cap Portfolio
<TABLE>
<CAPTION>
Total Return
Through Growth of $10,000 Average
12/31/99 Investment Cumulative Annual
<C> <S> <C> <C>
One Year $10,860 8.60% 8.60%
Inception 1 $11,708 17.08% 5.11%
</TABLE>
Standard & Poor's (S&P) 500 Total Return Index 3
<TABLE>
<CAPTION>
Total Return
Through Growth of $10,000 Average
12/31/99 Investment Cumulative Annual
<C> <S> <C> <C>
One Year $12,104 21.04% 21.04%
Inception 1 $21,879 118.79% 28.15%
</TABLE>
[graphic]
[line chart]
Data for line chart to follow:
<TABLE>
<CAPTION>
Manning & Napier Standard & Poor's (S&P)
Date Small Cap Portfolio 500 Total Return Index 3
<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
12/31/99 11,708 21,879
</TABLE>
[graphic]
[pie chart]
Data for pie chart to follow:
Portfolio Composition - Small Cap Portfolio - As of 12/31/99
Chemical & Allied Products - 14.61%
Communications - 7.32%
Crude Petroleum & Natural Gas - 8.53%
Glass Products - 3.33%
Industrial & Commercial Machinery - 4.08%
Paper & Allied Products - 4.81%
Primary Metal Industries - 7.04%
Software - 6.12%
Textile Mill Products - 3.20%
Transportation - 4.11%
Cash, short-term investments, and
liabilities, less other assets - 24.58%
Miscellaneous* - 2.27%
* Miscellaneous includes:
Agricultural Production
Apparel
Electronics & Electrical Equipment
Food & Kindred Products
Motion Picture Production
Refuse Systems
Retail - Specialty Stores
Rubber & Miscellaneous Plastic Products
Testing Laboratories
Please see Page 9 for Footnotes
6
<PAGE>
PERFORMANCE UPDATE AS OF DECEMBER 31, 1999
EQUITY PORTFOLIO
The Equity Portfolio outpaced its benchmark, the S&P 500, in 1999, despite our
avoidance of the narrow band of high-flying stocks that drove the stock market.
We are still concerned about the general overvaluation of U.S. large cap and
Internet stocks. Not only have stock prices risen much faster than the actual
economic value of the corresponding companies, but also the growth in economic
value has often been based more on one-time events rather than on the actual
long-term performance of those companies. In response, we have continued to
seek specific undervalued domestic stocks to improve the possibility of swift
recovery in an otherwise tumultuous market environment. We also have looked
toward strengthening foreign markets to provide a way to offset an overvalued
domestic market.
Manning & Napier Equity Portfolio
<TABLE>
<CAPTION>
Total Return
Through Growth of $10,000 Average
12/31/99 Investment Cumulative Annual
<C> <S> <C> <C>
One Year $14,326 43.26% 43.26%
Inception 1 $19,052 90.52% 22.57%
</TABLE>
Standard & Poor's (S&P) 500 Total Return Index 3
<TABLE>
<CAPTION>
Total Return
Through Growth of $10,000 Average
12/31/99 Investment Cumulative Annual
<C> <S> <C> <C>
One Year $12,104 21.04% 21.04%
Inception 1 $21,879 118.79% 28.15%
</TABLE>
[graphic]
[line chart]
Data for line chart to follow:
<TABLE>
<CAPTION>
Manning & Napier Standard & Poor's (S&P)
Date Equity Portfolio 500 Total Return Index 3
<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
12/31/99 19,052 21,879
</TABLE>
[graphic]
[pie chart]
Data for pie chart to follow:
Portfolio Composition - Equity Portfolio - as of 12/31/99
Portfolio Composition pie chart
Chemical & Allied Products - 19.69%
Crude Petroleum & Natural Gas - 8.47%
Food & Kindred Products - 11.84%
Industrial & Commercial Machinery - 4.04%
Paper & Allied Products - 13.69%
Software - 10.85%
Technical Instruments & Supplies - 5.39%
Telecommunication Services - 5.23%
Transportation - 5.92%
Miscellaneous* - 14.88%
* Miscellaneous includes:
Business Services
Investors
Nursing Facilities
Motion Picture Production
Primary Metal Industries
Cash, short-term investments, and liabilities,
less other assets
Please see Page 9 for Footnotes
7
<PAGE>
PERFORMANCE UPDATE AS OF DECEMBER 31, 1999
BOND PORTFOLIO
As discussed above, bonds of all types fared poorly in 1999, and the Bond
Portfolio was not immune from this. The three main factors behind the falling
bond prices were rising "real" interest rates (interest rates adjusted for
inflation) due to unexpectedly strong economic growth, rising inflationary
fears, and an increase in the value of the yen relative to the dollar. Economic
growth has been strong for several years now, and we feel it is more likely to
moderate than to accelerate further. A tight labor market and rising energy
prices drove the markets' inflation fears. While this is somewhat justified,
strong productivity gains and greater competition should continue to contain
inflation. As for the dollar-yen relationship, it is much more of a strong yen
story rather than a weak dollar story. That is verified by the dollar's
continued strength relative to the euro. Given current yields, and given a
benign inflation outlook over the longer term, any moderation in the rate of
economic growth should lead longer-term bonds to once again provide solid
risk-adjusted returns.
Manning & Napier Bond Portfolio
<TABLE>
<CAPTION>
Total Return
Through Growth of $10,000 Average
12/31/99 Investment Cumulative Annual
<C> <S> <C> <C>
One Year $ 9,666 -3.34% -3.34%
Inception 1 $11,570 15.70% 4.71%
</TABLE>
Merrill Lynch Corporate/Government Bond Index 2
<TABLE>
<CAPTION>
Total Return
Through Growth of $10,000 Average
12/31/99 Investment Cumulative Annual
<C> <S> <C> <C>
One Year $ 9,795 -2.05% -2.05%
Inception 1 $11,866 18.66% 5.55%
</TABLE>
[graphic]
[line chart]
Data for line chart to follow:
<TABLE>
<CAPTION>
Manning & Napier Merrill Lynch Corporate/
Date Bond Portfolio Government Bond Index 2
<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
12/31/99 11,570 11,866
</TABLE>
[graphic]
[pie chart]
Data for pie chart to follow:
Effective Maturity - Bond Portfolio - As of 12/31/99
Less than 1 Year - 13%
1 - 3 Years - 20%
3 - 5 Years -6%
5 -10 Years - 36%
Over 10 Years - 25%
[graphic]
[pie chart]
Data for pie chart to follow:
Portfolio Composition - Bond Portfolio - As of 12/31/99
U.S. Treasury Securities - 50.62%
U.S. Government Agencies - 49.00%
Cash, short-term investments, and liabilities,
less other assets - 0.38%
Please see Page 9 for Footnotes
8
<PAGE>
FOOTNOTES TO PERFORMANCE UPDATE
1 Performance numbers for the Portfolio 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 (see note 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 Series returns, do not reflect
any fees or expenses.
9
<PAGE>
INVESTMENT PORTFOLIO - DECEMBER 31, 1999
<TABLE>
<CAPTION>
VALUE
Manning & Napier Moderate Growth Portfolio SHARES (NOTE 2)
- ------------------------------------------------------- ------ ---------
COMMON STOCK - 40.83%
<S> <C> <C>
APPAREL - 1.98%
Adidas-Salomon AG (Germany) (Note 7). . . . . . . . . . 75 $ 5,644
---------
BUSINESS SERVICES - 1.78%
National Data Corp. . . . . . . . . . . . . . . . . . . 150 5,091
---------
CHEMICAL & ALLIED PRODUCTS - 6.40%
BIOLOGICAL PRODUCTS - 1.32%
Sigma-Aldrich Corp.. . . . . . . . . . . . . . . . 125 3,758
---------
PHARMACEUTICAL PREPARATIONS - 2.58%
Mylan Laboratories, Inc. . . . . . . . . . . . . . 150 3,778
Teva Pharmaceutical Industries Ltd. - ADR (Note 7) 50 3,584
---------
7,362
---------
PLASTIC MATERIALS - 2.50%
Eastman Chemical Co. . . . . . . . . . . . . . . . 150 7,153
---------
18,273
---------
CRUDE PETROLEUM & NATURAL GAS - 5.14%
Gulf Canada Resources Ltd. - ADR * (Note7). . . . . . . 1,500 5,063
Petroleo Brasileiro S.A. (Petrobras) - ADR (Note 7) . . 375 9,618
---------
14,681
---------
ELECTRIC SERVICES - 2.21%
Cinergy Corp. . . . . . . . . . . . . . . . . . . . . . 50 1,206
Conectiv, Inc.. . . . . . . . . . . . . . . . . . . . . 100 1,681
PP&L Resources, Inc.. . . . . . . . . . . . . . . . . . 75 1,716
Potomac Electric Power Co.. . . . . . . . . . . . . . . 75 1,720
---------
6,323
---------
FOOD & KINDRED PRODUCTS - 6.36%
Bestfoods . . . . . . . . . . . . . . . . . . . . . . . 75 3,942
Diageo plc - ADR (Note 7) . . . . . . . . . . . . . . . 100 3,200
H.J. Heinz Co.. . . . . . . . . . . . . . . . . . . . . 125 4,977
Unilever plc - ADR (Note 7) . . . . . . . . . . . . . . 199 6,032
---------
18,151
---------
INVESTORS - 1.83%
Reed International plc - ADR (Note 7) . . . . . . . . . 175 5,228
---------
INDUSTRIAL & COMMERCIAL MACHINERY - 3.00%
Baker Hughes, Inc.. . . . . . . . . . . . . . . . . . . 150 3,159
Compaq Computer Corp. . . . . . . . . . . . . . . . . . 200 5,412
---------
8,571
---------
MOTION PICTURE PRODUCTION - 1.17%
News Corp Ltd. - ADR (Note 7) . . . . . . . . . . . . . 100 3,344
---------
PAPER & ALLIED PRODUCTS - 1.48%
International Paper Co. . . . . . . . . . . . . . . . . 75 4,233
---------
PRIMARY METAL INDUSTRY - 1.18%
Phelps Dodge Corp.. . . . . . . . . . . . . . . . . . . 50 3,356
---------
TECHNICAL INSTRUMENTS & SUPPLIES - 2.32%
Eastman Kodak Co. . . . . . . . . . . . . . . . . . . . 100 6,625
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
INVESTMENT PORTFOLIO - DECEMBER 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT/ VALUE
Manning & Napier Moderate Growth Portfolio (continued) SHARES (NOTE 2)
- ------------------------------------------------------ ----------- ---------
<S> <C> <C>
TELECOMMUNICATION SERVICES - 1.13%
Telecomunicacoes Brasileiras S.A. (Telebras) -
ADR PFD (Note 7) . . . . 25 $ 3,213
---------
TRANSPORTATION- RAILROAD - 4.85%
Burlington Northern Santa Fe Corp. . . . . . . . . . . 300 7,275
Canadian National Railway Co. - ADR (Note 7) . . . . . 250 6,578
---------
13,853
---------
TOTAL COMMON STOCK
(Identified Cost $111,217) . . . . . . . . . . . . . . 116,586
---------
U.S. TREASURY SECURITIES - 37.71%
U.S. TREASURY BONDS - 17.40%
U.S. Treasury Bond, 6.250%, 8/15/2023. . . . . . . . . $ 30,000 28,294
U.S. Treasury Bond, 6.875%, 8/15/2025. . . . . . . . . 21,000 21,381
---------
TOTAL U.S. TREASURY BONDS
(Identified Cost $51,044). . . . . . . . . . . . . 49,675
---------
U.S. TREASURY NOTES - 20.31%
U.S. Treasury Note, 5.875%, 9/30/2002. . . . . . . . . 5,000 4,947
U.S. Treasury Note, 5.500%, 3/31/2003. . . . . . . . . 19,000 18,525
U.S. Treasury Note, 6.000%, 8/15/2004. . . . . . . . . 30,000 29,531
U.S. Treasury Note, 6.500%, 10/15/2006 . . . . . . . . 5,000 4,986
---------
TOTAL U.S. TREASURY NOTES
(Identified Cost $59,423). . . . . . . . . . . . . 57,989
---------
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $110,467) . . . . . . . . . . . . . . 107,664
---------
U.S. GOVERNMENT AGENCIES - 18.32%
Federal Home Loan Mortgage Corporation Note , 5.500%,
5/15/2002 30,000 29,261
Federal National Mortgage Association Note , 5.750%,
4/15/2003 10,000 9,709
Federal National Mortgage Association Bond, 6.250%,
5/15/2029 15,000 13,332
---------
TOTAL U.S. GOVERNMENT AGENCIES
(Identified Cost $53,289). . . . . . . . . . . . . . . 52,302
---------
SHORT-TERM INVESTMENTS - 4.04%
Dreyfus Treasury Cash Management Fund. . . . . . . . . 1,932 1,932
U.S. Treasury Bill, 10/12/2000 . . . . . . . . . . . . 10,000 9,590
---------
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $11,522). . . . . . . . . . . . . . . 11,522
---------
TOTAL INVESTMENTS - 100.90%
(Identified Cost $286,495) . . . . . . . . . . . . . . 288,074
LIABILITIES, LESS OTHER ASSETS - (0.90)% . . . . . . . (2,566)
---------
NET ASSETS - 100%. . . . . . . . . . . . . . . . . . . $285,508
=========
</TABLE>
*Non-income producing security
<TABLE>
<CAPTION>
FEDERAL TAX INFORMATION:
At December 31, 1999, the net unrealized appreciation based on identified cost for
federal income tax purposes of $286,495 was as follows:
<S> <C>
Unrealized appreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,216
Unrealized depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ((10,637)
----------
UNREALIZED APPRECIATION - NET. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,579
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
11
<PAGE>
INVESTMENT PORTFOLIO - DECEMBER 31, 1999
<TABLE>
<CAPTION>
VALUE
Manning & Napier Growth Portfolio SHARES (NOTE 2)
- ---------------------------------------------- ------ ---------
COMMON STOCK - 58.11%
<S> <C> <C>
APPAREL - 2.15%
Adidas-Salomon AG (Germany) (Note 7) . . . 150 $ 11,288
---------
BUSINESS SERVICES - 2.10%
National Data Corp.. . . . . . . . . . . . 325 11,030
---------
CHEMICAL & ALLIED PRODUCTS - 9.32%
BIOLOGICAL PRODUCTS - 2.00%
Sigma-Aldrich Corp.. . . . . . . . . . . . 350 10,522
---------
PHARMACEUTICAL PREPARATIONS - 4.59%
Mylan Laboratories, Inc. . . . . . . . . . 600 15,113
Teva Pharmaceutical Industries Ltd. - ADR
(Note 7) . . . . . . . . . . . . . . . . . 125 8,961
---------
24,074
---------
PLASTIC MATERIALS - 2.73%
Eastman Chemical Co. . . . . . . . . . . . 300 14,306
---------
48,902
---------
CRUDE PETROLEUM & NATURAL GAS - 10.84%
Gulf Canada Resources Ltd. - ADR* (Note 7) 2,800 9,450
Noble Affiliates, Inc. . . . . . . . . . . 150 3,216
Petroleo Brasileiro S.A. (Petrobras) -
ADR (Note 7). . . . . . . . . . . . . . 1,725 44,243
---------
56,909
---------
ELECTRIC SERVICES - 1.81%
Cinergy Corp.. . . . . . . . . . . . . . . 100 2,412
Conectiv, Inc. . . . . . . . . . . . . . . 150 2,522
PP&L Resources, Inc. . . . . . . . . . . . 100 2,288
Potomac Electric Power Co. . . . . . . . . 100 2,294
---------
9,516
---------
FOOD & KINDRED PRODUCTS - 8.38%
Bestfoods . . . . . . . . . . . . . . . . . 200 10,512
Diageo plc - ADR (Note 7) . . . . . . . . . 250 8,000
H.J. Heinz Co.. . . . . . . . . . . . . . . 250 9,953
Unilever plc - ADR (Note 7) . . . . . . . . 312 15,520
---------
43,985
---------
INDUSTRIAL & COMMERCIAL MACHINERY - 3.92%
Baker Hughes, Inc. . . . . . . . . . . . . 400 8,425
Compaq Computer Corp.. . . . . . . . . . . 450 12,178
20,603
------
INVESTORS - 1.99%
Reed International plc - ADR (note 7). . . 350 10,456
---------
MOTION PICTURE PRODUCTION - 2.55%
News Corp Ltd. - ADR (Note 7). . . . . . . 400 13,375
---------
PAPER & ALLIED PRODUCTS - 3.40%
Aracruz Celulose SA - ADR (Note 7) . . . . 250 6,562
International Paper Co.. . . . . . . . . . 200 11,287
---------
17,849
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
INVESTMENT PORTFOLIO - DECEMBER 31, 1999
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL VALUE
Manning & Napier Growth Portfolio (continued) AMOUNT (NOTE 2)
- ----------------------------------------------- ----------- ---------
<S> <C> <C>
PRIMARY METAL INDUSTRY - 1.28%
Phelps Dodge Corp 100 $6,713
---------
TECHNICAL INSTRUMENTS & SUPPLIES - 3.47%
Eastman Kodak Co. 275 18,219
---------
TELECOMMUNICATION SERVICES - 1.59%
Telecomunicacoes Brasileiras S.A. (Telebras) -
ADR PFD (Note 7) 65 8,353
---------
TRANSPORTATION - RAILWAY - 5.31%
Burlington Northern Santa Fe Corp. 500 12,125
Canadian National Railway Co. - ADR (Note 7) 600 15,787
27,912
---------
TOTAL COMMON STOCK
(Identified Cost $287,346) 305,110
---------
U.S. TREASURY SECURITIES - 31.19%
U.S. TREASURY BONDS - 17.04%
U.S. Treasury Bond, 6.875%, 8/15/2025 $40,000 40,725
U.S. Treasury Bond, 6.50%, 11/15/2026 50,000 48,734
---------
TOTAL U.S. TREASURY BONDS
(Identified Cost $97,081) 89,459
---------
U.S. TREASURY NOTES - 14.15%
U.S. Treasury Note, 4.25%, 11/15/2003
(Identified Cost $76,772) 80,000 74,300
---------
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $173,853) 163,759
---------
U.S GOVERNMENT AGENCIES - 7.62%
Federal National Mortgage Association Bond,
6.25%, 5/15/2029 (Identified Cost $40,303) 45,000 39,995
---------
SHORT-TERM INVESTMENTS - 3.42%
Dreyfus Treasury Cash Management Fund
(Identified Cost $17,974) 17,974 17,974
---------
TOTAL INVESTMENTS - 100.34%
(Identified Cost $519,476) 526,838
LIABILITIES, LESS OTHER ASSETS - (0.34)% (1,790)
---------
NET ASSETS - 100% $525,048
===========
</TABLE>
*Non-income producing security
Federal Tax Information:
At December 31, 1999, the net unrealized appreciation based on identified cost
for
federal income tax purposes of $520,095 was as follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized appreciation . . . $ 35,213
Unrealized depreciation . . . (28,470)
---------
UNREALIZED APPRECIATION - NET $ 6,743
=========
</TABLE>
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
INVESTMENT PORTFOLIO - DECEMBER 31, 1999
<TABLE>
<CAPTION>
VALUE
Manning & Napier Maximum Horizon Portfolio SHARES (NOTE 2)
- ---------------------------------------------------- ------ ---------
COMMON STOCK -84.59%
<S> <C> <C>
APPAREL - 2.47%
Adidas Solomon AG (Germany) (Note 7) 75 $5,644
---------
BUSINESS SERVICES - 2.97%
National Data Corp. 200 6,787
---------
CHEMICAL & ALLIED PRODUCTS - 15.36%
BIOLOGICAL PRODUCTS - 2.64%
Sigma-Aldrich Corp. 200 6,012
---------
PHARMACEUTICAL PREPARATIONS - 9.59%
Celltech Chiroscience plc* (United Kingdom) (Note 7) 900 7,704
Mylan Laboratories, Inc. 350 8,816
Teva Pharmaceutical Industries Ltd. - ADR (Note 7) 75 5,377
---------
21,897
---------
PLASTIC MATERIALS - 3.13%
Eastman Chemical Co. 150 7,153
---------
35,062
---------
CRUDE PETROLEUM & NATURAL GAS - 8.46%
Gulf Canada Resources Ltd. - ADR* (Note 7) 1,000 3,375
Petroleo Brasileiro S.A. (Petrobras) - ADR (Note 7) 500 12,824
Schlumberger Ltd. 50 2,813
Transocean Sedco Forex, Inc. 9 303
---------
19,315
---------
ELECTRIC SERVICES- 3.07%
Cinergy Corp 100 2,412
PP&L Resources, Inc 100 2,288
POTOMAC ELECTRIC POWER CO. 100 2,294
---------
6,994
---------
FOOD & KINDRED PRODUCTS - 11.70%
Allied Domecq plc - ADR (Note 7) 200 981
Bestfoods 150 7,884
Diageo plc-ADR (Note 7) 150 4,800
H.J. Heinz Co. 150 5,972
Unilever plc - ADR (Note 7) 233 7,063
---------
26,700
---------
INDUSTRIAL & COMMERCIAL MACHINERY - 4.22%
Baker Hughes, Inc. 200 4,212
Compaq Computer Corp. 200 5,412
---------
9,624
---------
INVESTORS - 1.96%
Reed International plc - ADR (Note 7) 150 4,481
---------
MOTION PICTURE PRODUCTION - 2.93%
News Corp Ltd. ADR (Note 7) 200 6,688
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
14
<PAGE>
INVESTMENT PORTFOLIO - DECEMBER 31, 1999
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL VALUE
Manning & Napier Maximum Horizon Portfolio (continued) AMOUNT (NOTE 2)
- ------------------------------------------------------ ----------- ---------
<S> <C> <C>
PAPER & ALLIED PRODUCTS - 11.20%
Aracruz Celulose S.A. - ADR (Note 7) 300 $7,875
Fort James Corp. 150 4,106
International Paper Co. 125 7,055
Kimberly-Clark Corp. 100 6,525
---------
25,561
---------
PRIMARY METAL INDUSTRIES - 4.27%
Phelps Dodge Corp. 50 3,356
Texas Industries, Inc. 150 6,384
---------
9,740
---------
SOFTWARE - 3.07%
Computer Associates International, Inc. 100 6,994
---------
TECHNICAL INSTRUMENTS & SUPPLIES - 4.35%
Eastman Kodak Co. 150 9,938
---------
TELECOMMUNICATION SERVICES - 4.71%
Aliant, Inc. (Canada) (Note 7) 250 4,321
Telecomunicacoes Brasileiras S.A. (Telebras) -
ADR PFD (Note 7) 50 6,425
---------
10,746
---------
TRANSPORTATION- RAILROAD - 3.85%
Burlington Northern Santa Fe Corp. 200 4,850
Canadian National Railway Co. - ADR (Note 7) 150 3,947
---------
8,797
---------
TOTAL COMMON STOCK
(Identified Cost $180,824) 193,071
---------
U.S. TREASURY SECURITIES- 8.54%
U.S. Treasury Bond, 6.50%, 11/15/2026
(Identified Cost $20,633) $20,000 19,494
---------
SHORT-TERM INVESTMENTS - 8.93%
U.S. Treasury Bill, 01/13/2000 15,000 14,974
Dreyfus Treasury Cash Management Fund 5,402 5,402
---------
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $20,376) 20,376
---------
TOTAL INVESTMENTS - 102.06%
(Identified Cost $221,833) 232,941
LIABILITIES, LESS OTHER ASSETS - (2.06)% (4.698)
---------
NET ASSETS - 100% $228,243
=========
</TABLE>
*Non-income producing security
FEDERAL TAX INFORMATION:
At December 31, 1999, the net unrealized depreciation based on identified cost
for federal income tax purposes of $225,054 was as follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized appreciation . . . $ 19,323
Unrealized depreciation . . . (12,336)
---------
UNREALIZED APPRECIATION - NET $ 6,987
=========
</TABLE>
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
INVESTMENT PORTFOLIO - DECEMBER 31, 1999
<TABLE>
<CAPTION>
VALUE
Manning & Napier Small Cap Portfolio SHARES (NOTE 2)
- ----------------------------------------------- ------ ---------
COMMON STOCK - 75.42%
<S> <C> <C>
AGRICULTURAL PRODUCTION - 1.26%
Sylvan, Inc.* . . . . . . . . . . . . . . . . . 225 $ 1,912
---------
APPAREL - 0.57%
Novel Denim Holdings Ltd.* (Note 7) . . . . . . 200 856
---------
CHEMICAL & ALLIED PRODUCTS - 14.61%
Agrium, Inc. (Note 7) . . . . . . . . . . . . . 250 1,969
Cypress Bioscience, Inc.* . . . . . . . . . . . 1,400 2,538
Mississippi Chemical Corp.. . . . . . . . . . . 375 2,320
PathoGenesis Corp.* . . . . . . . . . . . . . . 300 6,431
Orion-Yhtyma Oyj- B Shares (Finland) (Note 7) . 380 8,828
---------
22,086
---------
COMMUNICATIONS - 7.32%
Grupo Radio Centro S.A. de C.V. - ADR (Note 7). 775 6,491
Sinclair Broadcast Group, Inc.* . . . . . . . . 375 4,576
---------
11,067
---------
CRUDE PETROLEUM & NATURAL GAS - 8.53%
Gulf Canada Resources Ltd. - ADR* (Note 7). . . 3,000 10,125
Stolt Comex Seaway S.A.* (Note 7) . . . . . . . 250 2,766
---------
12,891
---------
ELECTRONICS & ELECTRICAL EQUIPMENT - 1.50%
The Carbide/Graphite Group, Inc.* . . . . . . . 350 2,275
---------
FOOD & KINDRED PRODUCTS - 1.05%
Flowers Industries, Inc.. . . . . . . . . . . . 100 1,593
---------
GLASS PRODUCTS - 3.33%
Libbey, Inc.. . . . . . . . . . . . . . . . . . 175 5,031
---------
INDUSTRIAL & COMMERCIAL MACHINERY - 4.08%
NN Ball & Roller, Inc.. . . . . . . . . . . . . 850 6,162
---------
MOTION PICTURE PRODUCTION - 1.78%
Alliance Atlantis Communications
Corp. * (Canada)(Note 7). . . . . . . . . . 325 2,696
---------
PAPER & ALLIED PRODUCTS - 4.81%
Smurfit-Stone Container Corp.*. . . . . . . . . 297 7,277
---------
PRIMARY METAL INDUSTRIES - 7.04%
Intermet Corp.. . . . . . . . . . . . . . . . . 275 3,197
Texas Industries, Inc.. . . . . . . . . . . . . 175 7,448
---------
10,645
---------
REFUSE SYSTEMS - 1.11%
Newpark Resources, Inc.*. . . . . . . . . . . . 275 1,684
---------
RETAIL - SPECIALTY STORES - 1.45%
Hancock Fabrics, Inc. . . . . . . . . . . . . . 300 937
Syms Corp.* . . . . . . . . . . . . . . . . . . 250 1,250
---------
2,187
---------
RUBBER & MISCELLANEOUS PLASTIC PRODUCTS - 2.33%
Applied Extrusion Technologies, Inc.. . . . . . 575 3,522
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
INVESTMENT PORTFOLIO - DECEMBER 31, 1999
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL VALUE
Manning & Napier Small Cap Portfolio (continued) AMOUNT (NOTE 2)
- ------------------------------------------------ ----------- ---------
<S> <C> <C>
SOFTWARE - 6.12%
J. D. Edwards & Co.* . . . . . . . . . . . . . . 225 $ 6,722
MAPICS, Inc.*. . . . . . . . . . . . . . . . . . 200 2,525
---------
9,247
---------
TESTING LABORATORIES - 1.22%
Paradigm Geophysical Ltd.* (Note 7) . . . . . . 375 1,840
---------
TEXTILE MILL PRODUCTS - 3.20%
Albany International Corp. - Class A . . . . . . 312 4,836
---------
TRANSPORTATION - 4.11%
Genesee & Wyoming, Inc.* . . . . . . . . . . . . 250 3,219
Trico Marine Services, Inc.* . . . . . . . . . . 425 3,002
---------
6,221
---------
TOTAL COMMON STOCK
(Identified Cost $124,760) . . . . . . . . . . 114,030
---------
SHORT-TERM INVESTMENTS - 29.11%
Dreyfus Treasury Cash Management Fund. . . . . . 7,069 7,069
Federal National Mortgage Association Discount
Note, 1/20/2000 . . . . . . . . . . . . . . . $ 10,000 9,970
U.S. Treasury Bill, 1/6/2000 . . . . . . . . . . 27,000 26,981
---------
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $44,020) . . . . . . . . . . . 44,020
---------
TOTAL INVESTMENTS - 104.53%
(Identified Cost $168,780). . . . . . . . . . 158,050
LIABILITIES, LESS OTHER ASSETS - (4.53)% . . . . (6,856)
---------
NET ASSETS - 100%. . . . . . . . . . . . . . . . $151,194
=========
</TABLE>
* Non-income producing security
<TABLE>
<CAPTION>
FEDERAL TAX INFORMATION:
At December 31, 1999, the net unrealized depreciation based on identified
cost for federal income tax purposes of $168,780 was as follows:
<S> <C>
Unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,132
Unrealized depreciation . . . . . . . . . . . . . . . . . . . . . . . . . (27,862)
----------
UNREALIZED DEPRECIATION - NET . . . . . . . . . . . . . . . . . . . . . . ($10,730)
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
INVESTMENT PORTFOLIO - DECEMBER 31, 1999
<TABLE>
<CAPTION>
VALUE
Manning & Napier Equity Portfolio SHARES (NOTE 2)
- ---------------------------------------------------- ------ ---------
COMMON STOCK - 97.96%
<S> <C> <C>
BUSINESS SERVICES - 2.76%
National Data Corp.. . . . . . . . . . . . . . . . . 200 $ 6,788
---------
CHEMICAL & ALLIED PRODUCTS - 19.69%
Celltech Chiroscience plc* (United Kingdom) (Note 7) 950 8,132
Eastman Chemical Co. . . . . . . . . . . . . . . . . 150 7,153
FMC Corp.. . . . . . . . . . . . . . . . . . . . . . 100 5,731
Mylan Laboratories, Inc. . . . . . . . . . . . . . . 475 11,964
Sigma-Aldrich Corp.. . . . . . . . . . . . . . . . . 275 8,267
Teva Pharmaceutical Industries Ltd. - ADR
(Note 7) . . . . . . . . . . . . . . . . . . . . . 100 7,169
---------
48,416
---------
CRUDE PETROLEUM & NATURAL GAS - 8.47%
Gulf Canada Resources Ltd. - ADR* (Note 7) . . . . . 1,800 6,075
Petroleo Brasileiro S.A. (Petrobras) -
ADR (Note 7) . . . . . . . . . . . . . . . . . . 575 14,748
---------
20,823
---------
FOOD & KINDRED PRODUCTS - 11.84%
Bestfoods. . . . . . . . . . . . . . . . . . . . . . 200 10,512
Diageo plc - ADR (Note 7). . . . . . . . . . . . . . 150 4,800
H.J. Heinz Co. . . . . . . . . . . . . . . . . . . . 150 5,972
Unilever plc - ADR (Note 7). . . . . . . . . . . . . 258 7,821
---------
29,105
---------
INDUSTRIAL & COMMERCIAL MACHINERY - 4.04%
Baker Hughes, Inc. . . . . . . . . . . . . . . . . . 150 3,159
Compaq Computer Corp.. . . . . . . . . . . . . . . . 250 6,766
---------
9,925
---------
INVESTORS- 3.04%
Reed International plc - ADR (Note 7). . . . . . . . 250 7,469
---------
MOTION PICTURE PRODUCTION - 3.40%
News Corp Ltd. - ADR (Note 7). . . . . . . . . . . . 250 8,359
---------
NURSING FACILITIES -2.28%
Manor Care, Inc. * . . . . . . . . . . . . . . . . . 350 5,600
---------
PAPER & ALLIED PRODUCTS - 13.69%
Aracruz Celulose S.A. - ADR (Note 7) . . . . . . . . 450 11,812
Fort James Corp. . . . . . . . . . . . . . . . . . . 250 6,844
International Paper Co.. . . . . . . . . . . . . . . 150 8,466
Kimberly-Clark Corp. . . . . . . . . . . . . . . . . 100 6,525
---------
33,647
---------
PRIMARY METAL INDUSTRIES - 1.36%
Phelps Dodge Corp. . . . . . . . . . . . . . . . . . 50 3,356
---------
SOFTWARE - 10.85%
Computer Associates International, Inc.. . . . . . . 200 13,987
J. D. Edwards & Co.* . . . . . . . . . . . . . . . . 425 12,697
---------
26,684
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
INVESTMENT PORTFOLIO - DECEMBER 31, 1999
<TABLE>
<CAPTION>
VALUE
Manning & Napier Equity Portfolio (continued) SHARES (NOTE 2)
- ----------------------------------------------- --------- ---------
<S> <C> <C>
TECHNICAL INSTRUMENTS & SUPPLIES - 5.39%
Eastman Kodak Co. 200 $13,250
---------
TELECOMMUNICATION SERVICES - 5.23%
Telecomunicacoes Brasileiras S.A. (Telebras) -
ADR PFD (Note 7) 100 12,850
---------
TRANSPORTATION - RAILWAY - 5.92%
Burlington Northern Santa Fe Corp. 275 6,669
Canadian National Railway Co. - ADR (Note 7) 300 7,894
---------
14,563
---------
TOTAL COMMON STOCK
(Identified Cost $207,301) 240,835
---------
SHORT-TERM INVESTMENTS - 4.41%
Dreyfus Treasury Cash Management Fund
(Identified Cost $10,836) 10,836 10,836
---------
TOTAL INVESTMENTS - 102.37%
(Identified Cost $218,137) 251,671
LIABILITIES, LESS OTHER ASSETS - (2.37)% (5,816)
---------
NET ASSETS - 100% $245,855
=========
</TABLE>
*Non-income producing security
FEDERAL TAX INFORMATION:
At December 31, 1999, the net unrealized appreciation based on identified cost
for
federal income tax purposes of $222,772 was as follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized appreciation . . . $ 41,260
Unrealized depreciation . . . (12,361)
---------
UNREALIZED APPRECIATION - NET $ 28,899
=========
</TABLE>
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
INVESTMENT PORTFOLIO - DECEMBER 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL VALUE
Manning & Napier Bond Portfolio AMOUNT/SHARES (NOTE 2)
- --------------------------------------------------------- --------------- ---------
<S> <C> <C>
U.S. TREASURY SECURITIES - 50.62%
U.S. Treasury Note, 4.50%, 9/30/2000. . . . . . . . . . . $ 4,000 $ 3,956
U.S. Treasury Note, 4.75%, 2/15/2004. . . . . . . . . . . 5,000 4,717
U.S. Treasury Note, 6.50%, 10/15/2006 . . . . . . . . . . 30,000 29,916
U.S. Treasury Bond, 6.875%, 8/15/2025 . . . . . . . . . . 35,000 35,635
---------
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $75,466) . . . . . . . . . . . . . . . . 74,224
---------
U.S. GOVERNMENT AGENCIES - 49.00%
Federal Home Loan Bank Bond, 4.63%, 10/9/2001 . . . . . . 15,000 14,521
Federal Home Loan Mortgage Note, 5.125%, 10/5/2008. . . . 20,000 17,481
Federal National Mortgage Association Bond, 7.55%,
4/22/2002 15,000 15,294
Student Loan Marketing Association Note, 7.50%, 3/8/2000. 15,000 15,032
Tennessee Valley Authority Note, 5.00%, 12/18/2003. . . . 5,000 4,689
Tennessee Valley Authority Note, 6.375%, 6/15/2005. . . . 5,000 4,818
---------
TOTAL U.S. GOVERNMENT AGENCIES
(Identified Cost $73,283) . . . . . . . . . . . . . . . . 71,835
---------
SHORT-TERM INVESTMENTS - 2.76%
Dreyfus Treasury Cash Management Fund
(Identified Cost $4,047). . . . . . . . . . . . . . . . . 4,047 4,047
---------
TOTAL INVESTMENTS - 102.38%
(Identified Cost $152,796). . . . . . . . . . . . . . . . 150,106
LIABILITIES, LESS OTHER ASSETS - (2.38)%. . . . . . . . . (3,494)
---------
NET ASSETS - 100% . . . . . . . . . . . . . . . . . . . . $146,612
=========
</TABLE>
FEDERAL TAX INFORMATION:
At December 31, 1999, the net unrealized depreciation based on identified cost
for
federal income tax purposes of $152,796 was as follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized appreciation . . . $ 0
Unrealized depreciation . . . (2,690)
---------
UNREALIZED DEPRECIATION - NET ($2,690)
=========
</TABLE>
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
STATEMENT OF ASSETS & LIABILITIES
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND, INC.
--------------------------------------
Moderate Maximum
Growth Growth Horizon Small Cap Equity
Portfolio Portfolio Portfolio Portfolio Portfolio
-------------------------------------- ---------- ---------- ----------- -----------
DECEMBER 31, 1999
ASSETS:
<S> <C> <C> <C> <C> <C>
Investments in securities (Note 2):
At identified cost. . . . . . . $ 286,495 $ 519,476 $ 221,833 $ 168,780 $ 218,137
====================================== ========== ========== =========== ===========
At value. . . . . . . . . . . . $ 288,074 $ 526,838 $ 232,941 $ 158,050 $ 251,671
Cash . . . . . . . . . . . . . . . . -- -- -- 339 --
Dividends receivable . . . . . . . . 213 530 318 7 375
Interest receivable. . . . . . . . . 2,765 2,264 168 -- --
Receivable for securities sold . . . 1,681 6,725 -- -- --
Receivable from investment advisor
(Note 3) . . . . . . . . . . . . . 12,480 9,776 12,551 13,982 12,436
-------------------------------------- ---------- ---------- ----------- -----------
TOTAL ASSETS . . . . . . . . . . . . 305,213 546,133 245,978 172,378 264,482
-------------------------------------- ---------- ---------- ----------- -----------
LIABILITIES:
Accrued Directors' fees (Note 3) . . 9,484 9,484 9,484 9,484 9,484
Audit fee payable. . . . . . . . . . 2,815 2,815 2,815 2,815 2,815
Custodian fee payable. . . . . . . . 996 2,179 1,203 995 1,583
Legal fee. . . . . . . . . . . . . . 2,715 2,715 2,715 2,715 2,715
Payable for securities purchased . . 1,718 2,291 -- 3,663 --
Other payables and accrued expenses. 1,977 1,601 1,518 1,512 2,030
-------------------------------------- ---------- ---------- ----------- -----------
TOTAL LIABILITIES. . . . . . . . . . 19,705 21,085 17,735 21,184 18,627
-------------------------------------- ---------- ---------- ----------- -----------
NET ASSETS . . . . . . . . . . . . . $ 285,508 $ 525,048 $ 228,243 $ 151,194 $ 245,855
====================================== ========== ========== =========== ===========
NET ASSETS CONSIST OF:
Capital stock. . . . . . . . . . . . $ 275 $ 418 $ 184 $ 169 $ 178
Additional paid-in-capital . . . . . 275,421 495,708 183,732 160,236 187,287
Undistributed net investment income. 6,451 12,578 1,658 1,499 (934)
Accumulated net realized gain (loss)
on investments . . . . . . . . . . . 1,782 8,982 31,561 30 25,790
Net unrealized appreciation
(depreciation) on investments. . 1,579 7,362 11,108 (10,730) 33,534
-------------------------------------- ---------- ---------- ----------- -----------
TOTAL NET ASSETS . . . . . . . . . . $ 285,508 $ 525,048 $ 228,243 $ 151,194 $ 245,855
====================================== ========== ========== =========== ===========
SHARES OUTSTANDING . . . . . . . . . 27,502 41,764 18,374 16,873 17,768
====================================== ========== ========== =========== ===========
NET ASSET VALUE PER SHARE. . . . . . $ 10.38 $ 12.57 $ 12.42 $ 8.96 $ 13.84
====================================== ========== ========== =========== ===========
Bond
Portfolio
-----------
DECEMBER 31, 1999
ASSETS:
<S> <C>
Investments in securities (Note 2):
At identified cost. . . . . . . $ 152,796
===========
At value. . . . . . . . . . . . $ 150,106
Cash . . . . . . . . . . . . . . . . --
Dividends receivable . . . . . . . . --
Interest receivable. . . . . . . . . 2,436
Receivable for securities sold . . . --
Receivable from investment advisor
(Note 3) . . . . . . . . . . . . . 12,808
-----------
TOTAL ASSETS . . . . . . . . . . . . 165,350
-----------
LIABILITIES:
Accrued Directors' fees (Note 3) . . 9,484
Audit fee payable. . . . . . . . . . 2,815
Custodian fee payable. . . . . . . . 200
Legal fee. . . . . . . . . . . . . . 2,715
Payable for securities purchased . . --
Other payables and accrued expenses. 3,524
-----------
TOTAL LIABILITIES. . . . . . . . . . 18,738
-----------
NET ASSETS . . . . . . . . . . . . . $ 146,612
===========
NET ASSETS CONSIST OF:
Capital stock. . . . . . . . . . . . $ 141
Additional paid-in-capital . . . . . 141,556
Undistributed net investment income. 7,605
Accumulated net realized gain (loss)
on investments . . . . . . . . . . . -
Net unrealized appreciation
(depreciation) on investments. . (2,690)
-----------
TOTAL NET ASSETS . . . . . . . . . . $ 146,612
===========
SHARES OUTSTANDING . . . . . . . . . 14,064
===========
NET ASSET VALUE PER SHARE. . . . . . $ 10.42
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND, INC.
---------------------------------------
Moderate Maximum
Growth Growth Horizon Small Cap
Portfolio Portfolio Portfolio Portfolio
--------------------------------------- ----------- ----------- -----------
FOR THE YEAR ENDING DECEMBER 31, 1999
INVESTMENT INCOME:
<S> <C> <C> <C> <C>
Interest . . . . . . . . . . . . . . . . $ 7,157 $ 12,684 $ 1,638 $ 2,136
Dividends. . . . . . . . . . . . . . . . 1,435 6,045 3,846 1,057
--------------------------------------- ----------- ----------- -----------
Total Investment Income. . . . . . . . . 8,592 18,729 5,484 3,193
--------------------------------------- ----------- ----------- -----------
EXPENSES:
Management fees (Note 3) . . . . . . . . 1,783 5,125 1,974 1,410
Directors' fees (Note 3) . . . . . . . . 7,702 7,702 7,702 7,702
Audit fee. . . . . . . . . . . . . . . . 3,050 3,050 3,050 3,050
Legal fee. . . . . . . . . . . . . . . . 2,751 2,751 2,751 2,751
Custodian fee. . . . . . . . . . . . . . 700 1,800 1,000 1,100
Miscellaneous. . . . . . . . . . . . . . 417 623 417 1,071
--------------------------------------- ----------- ----------- -----------
Total Expenses . . . . . . . . . . . . . 16,403 21,051 16,894 17,084
Less Reduction of Expenses (Note 3). . . (14,263) (14,900) (14,525) (15,392)
--------------------------------------- ----------- ----------- -----------
Net Expenses . . . . . . . . . . . . . . 2,140 6,151 2,369 1,692
--------------------------------------- ----------- ----------- -----------
NET INVESTMENT INCOME. . . . . . . . . . 6,452 12,578 3,115 1,501
--------------------------------------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments. 2,747 17,950 32,683 28
Net change in unrealized appreciation
(depreciation) on investments . . . . 1,975 29,127 22,426 10,468
--------------------------------------- ----------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS. . . . . . 4,722 47,077 55,109 10,496
--------------------------------------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS . . . . . . . . . . . . . . . $ 11,174 $ 59,655 $ 58,224 $ 11,997
======================================= =========== =========== ===========
Equity Bond
Portfolio Portfolio
----------- -----------
FOR THE YEAR ENDING DECEMBER 31, 1999
INVESTMENT INCOME:
<S> <C> <C>
Interest . . . . . . . . . . . . . . . . $ 381 $ 8,867
Dividends. . . . . . . . . . . . . . . . 3,285 --
----------- -----------
Total Investment Income. . . . . . . . . 3,666 8,867
----------- -----------
EXPENSES:
Management fees (Note 3) . . . . . . . . 2,070 741
Directors' fees (Note 3) . . . . . . . . 7,702 7,702
Audit fee. . . . . . . . . . . . . . . . 3,050 3,050
Legal fee. . . . . . . . . . . . . . . . 2,751 2,751
Custodian fee. . . . . . . . . . . . . . 1,000 148
Miscellaneous. . . . . . . . . . . . . . 416 417
----------- -----------
Total Expenses . . . . . . . . . . . . . 16,989 14,809
Less Reduction of Expenses (Note 3). . . (14,506) (13,549)
----------- -----------
Net Expenses . . . . . . . . . . . . . . 2,483 1,260
----------- -----------
NET INVESTMENT INCOME. . . . . . . . . . 1,183 7,607
----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments. 30,489 --
Net change in unrealized appreciation
(depreciation) on investments . . . . 42,489 (12,578)
----------- -----------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS. . . . . . 72,978 (12,578)
----------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS . . . . . . . . . . . . . . . $ 74,161 $ (4,971)
=========== ===========
</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
PORTFOLIO GROWTH PORTFOLIO
------------------------------------- ----------------
FOR THE FOR THE FOR THE FOR THE
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/99 12/31/98 12/31/99 12/31/98
------------------------------------- ------------------ ----------- ----------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income. . . . . . . . . . $ 6,452 $ 4,809 $ 12,578 $ 14,453
Net realized gain (loss) on investments. 2,747 8,469 17,950 8,719
Net change in unrealized appreciation
(depreciation) on investments. . . . . 1,975 (4,340) 29,127 (24,073)
------------------------------------- ------------------ ----------- ----------
Net increase (decrease)
from operations . . . . . . . . . . . . 11,174 8,938 59,655 (901)
------------------------------------- ------------------ ----------- ----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment income . . . . . . . (4,809) (4,553) (14,451) (4,332)
From net realized gain on investments. . (9,435) (8,400) (17,687) (19,198)
------------------------------------- ------------------ ----------- ----------
Total distributions to shareholders. . . (14,244) (12,953) (32,138) (23,530)
------------------------------------- ------------------ ----------- ----------
CAPITAL STOCK ISSUED AND
REPURCHASED:
Net increase (decrease) from capital
share transactions (Note 6) . . . . . . 135,254 12,953 (117,226) 320,960
------------------------------------- ------------------ ----------- ----------
Net increase (decrease) in net assets. . 132,184 8,938 (89,709) 296,529
NET ASSETS:
Beginning of Year. . . . . . . . . . . . 153,324 144,386 614,757 318,228
------------------------------------- ------------------ ----------- ----------
END OF YEAR. . . . . . . . . . . . . . . $ 285,508 $ 153,324 $ 525,048 $ 614,757
===================================== ================== =========== ==========
Including undistributed net investment
income of. . . . . . . . . . . . . . . . $ 6,451 $ 4,808 $ 12,578 $ 14,450
MAXIMUM HORIZON
PORTFOLIO
FOR THE FOR THE
YEAR YEAR
ENDED ENDED
12/31/99 12/31/98
---------- ----------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
<S> <C> <C>
Net investment income. . . . . . . . . . $ 3,115 $ 1,789
Net realized gain (loss) on investments. 32,683 24,566
Net change in unrealized appreciation
(depreciation) on investments. . . . . 22,426 (19,874)
---------- ----------
Net increase (decrease)
from operations . . . . . . . . . . . . 58,224 6,481
---------- ----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment income . . . . . . . (3,525) (2,062)
From net realized gain on investments. . (24,534) (26,832)
---------- ----------
Total distributions to shareholders. . . (28,059) (28,894)
---------- ----------
CAPITAL STOCK ISSUED AND
REPURCHASED:
Net increase (decrease) from capital
share transactions (Note 6) . . . . . . 28,059 28,894
----------
Net increase (decrease) in net assets. . 58,224 6,481
NET ASSETS:
Beginning of Year. . . . . . . . . . . . 170,019 163,538
---------- ----------
END OF YEAR. . . . . . . . . . . . . . . $ 228,243 $ 170,019
========== ==========
Including undistributed net investment
income of. . . . . . . . . . . . . . . . $ 1,658 $ 2,068
</TABLE>
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND INC
-------------------------------------
SMALL CAP PORTFOLIO EQUITY PORTFOLIO
------------------------------------- ------------------
FOR THE FOR THE FOR THE FOR THE
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/99 12/31/98 12/31/99 12/31/98
------------------------------------- ------------------ ---------------- ----------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income. . . . . . . . . . $ 1,501 $ 512 $ 1,183 $ 1,615
Net realized gain (loss) on investments. 28 1,595 30,489 38,529
Net change in unrealized appreciation
(depreciation) on investments . . . . 10,468 (19,708) 42,489 (33,939)
------------------------------------- ------------------ ---------------- ----------
Net increase (decrease)
from operations . . . . . . . . . . . 11,997 (17,601) 74,161 6,205
------------------------------------- ------------------ ---------------- ----------
DISTRIBUTIONS TO
SHAREHOLDERS (NOTE 2) :
From net investment income . . . . . . . (537) -- (3,732) (628)
From net realized gains on
investments. . . . . . . . . . . . . . . (1,570) (27,459) (43,084) (10,220)
------------------------------------- ------------------ ---------------- ----------
Total distributions to shareholders. . . (2,107) (27,459) (46,816) (10,848)
------------------------------------- ------------------ ---------------- ----------
CAPITAL STOCK ISSUED AND
REPURCHASED:
Net increase from capital share
transactions (Note 6) . . . . . . . . 2,107 27,459 46,816 10,848
------------------------------------- ------------------ ---------------- ----------
Net increase (decrease) in net assets. . 11,997 (17,601) 74,161 6,205
------------------------------------- ------------------ ---------------- ----------
NET ASSETS:
Beginning of Year. . . . . . . . . . . . 139,197 156,798 171,694 165,489
------------------------------------- ------------------ ---------------- ----------
END OF YEAR. . . . . . . . . . . . . . . $ 151,194 $ 139,197 $ 245,855 $ 171,694
===================================== ================== ================ ==========
Including undistributed net investment
income of. . . . . . . . . . . . . . . . $ 1,499 $ 537 $ (934) $ 1,615
BOND PORTFOLIO
FOR THE FOR THE
YEAR YEAR
ENDED ENDED
12/31/99 12/31/98
---------- ----------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
<S> <C> <C>
Net investment income. . . . . . . . . . $ 7,607 $ 7,372
Net realized gain (loss) on investments. -- 14
Net change in unrealized appreciation
(depreciation) on investments . . . . (12,578) 5,955
---------- ----------
Net increase (decrease)
from operations . . . . . . . . . . . (4,971) 13,341
---------- ----------
DISTRIBUTIONS TO
SHAREHOLDERS (NOTE 2) :
From net investment income . . . . . . . (7,373) (6,858)
From net realized gains on
investments. . . . . . . . . . . . . . . (15) --
---------- ----------
Total distributions to shareholders. . . (7,388) (6,858)
---------- ----------
CAPITAL STOCK ISSUED AND
REPURCHASED:
Net increase from capital share
transactions (Note 6) . . . . . . . . 7,388 6,858
---------- ----------
Net increase (decrease) in net assets. . (4,971) 13,341
---------- ----------
NET ASSETS:
Beginning of Year. . . . . . . . . . . . 151,583 138,242
---------- ----------
END OF YEAR. . . . . . . . . . . . . . . $ 146,612 $ 151,583
========== ==========
Including undistributed net investment
income of. . . . . . . . . . . . . . . . $ 7,605 $ 7,371
</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 FOR THE FOR THE FOR THE
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED 11/1/96 1 TO
12/31/99 12/31/98 12/31/97 12/31/96
--------------------------------------- ------------------ -------------- ----------
PER SHARE DATA (FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD):
<S> <C> <C> <C> <C>
NET ASSET VALUE - BEGINNING OF PERIOD . $ 10.95 $ 11.33 $ 10.11 $ 10.00
--------------------------------------- ------------------ -------------- ----------
Income from investment operations:
Net investment income* . . . . . . . . . 0.235 0.343 0.357 0.065
Net realized and unrealized gain (loss)
on investments. . . . . . . . . . . . 0.212 0.293 0.928 0.045
--------------------------------------- ------------------ -------------- ----------
Total from investment operations . . . . 0.447 0.636 1.285 0.110
--------------------------------------- ------------------ -------------- ----------
Less distributions to shareholders:
From net investment income . . . . . . . (0.343) (0.357) (0.065) --
From net realized gain on investments. . (0.674) (0.659) -- --
--------------------------------------- ------------------ -------------- ----------
Total distributions to shareholders. . . (1.017) (1.016) (0.065) --
--------------------------------------- ------------------ -------------- ----------
NET ASSET VALUE - END OF PERIOD. . . . . $ 10.38 $ 10.95 $ 11.33 $ 10.11
======================================= ================== ============== ==========
Total return 2 . . . . . . . . . . . . . 4.06% 6.25% 12.73% 1.10%
Ratios to average net
assets / Supplemental Data:
Expenses * . . . . . . . . . . . . . 1.20% 1.20% 1.20% 1.20%3
Net investment income *. . . . . . . 3.62% 3.25% 3.35% 4.08%3
Portfolio turnover . . . . . . . . . . . 109% 69% 53% 0%
NET ASSETS - END OF PERIOD . . . . . . . $ 285,508 $ 153,324 $ 144,386 $ 128,104
======================================= ================== ============== ==========
GROWTH PORTFOLIO
FOR THE FOR THE FOR THE FOR THE
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED 11/1/96 1 TO
12/31/99 12/31/98 12/31/97 12/31/96
---------- ---------- -------------- ----------
PER SHARE DATA (FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD):
<S> <C> <C> <C> <C>
NET ASSET VALUE - BEGINNING OF PERIOD . $ 11.90 $ 12.17 $ 10.25 $ 10.00
---------- ---------- -------------- ----------
Income from investment operations:
Net investment income* . . . . . . . . . 0.391 0.202 0.166 0.050
Net realized and unrealized gain (loss)
on investments. . . . . . . . . . . . 1.100 0.0034 1.804 0.200
---------- ---------- -------------- ----------
Total from investment operations . . . . 1.491 0.205 1.970 0.250
---------- ---------- -------------- ----------
Less distributions to shareholders:
From net investment income . . . . . . . (0.369) (0.087) (0.050) --
From net realized gain on investments. . (0.452) (0.388) -- --
---------- ---------- -------------- ----------
Total distributions to shareholders. . . (0.821) (0.475) (0.050) --
---------- ---------- -------------- ----------
NET ASSET VALUE - END OF PERIOD. . . . . $ 12.57 $ 11.90 $ 12.17 $ 10.25
========== ========== ============== ==========
Total return 2 . . . . . . . . . . . . . 12.74% 2.07% 19.23% 2.50%
Ratios to average net
assets / Supplemental Data:
Expenses * . . . . . . . . . . . . . 1.20% 1.20% 1.20% 1.20%3
Net investment income *. . . . . . . 2.45% 2.47% 2.42% 3.11%3
Portfolio turnover . . . . . . . . . . . 82% 138% 90% 3%
NET ASSETS - END OF PERIOD . . . . . . . $ 525,048 $ 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) . . $(0.284) $(0.516) $(1.024) $ 0.044 $(0.073) $0.030 $(0.505) $ 0.029
Ratios (to average net assets):
Expenses. . . . . . . . . . . 9.20% 9.34% 14.16% 2.50%3 4.11% 3.30% 10.98% 2.50%3
Net investment income (loss). (4.38)% (4.89)% (9.61)% 2.78%3 (0.46)% 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 fund shares in relation to fluctuating market values of the
investments of the fund
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND, INC.
---------------------------------------
MAXIMUM HORIZON PORTFOLIO
FOR THE FOR THE FOR THE
YEAR YEAR YEAR
ENDED ENDED ENDED
12/31/99 12/31/98 12/31/97
--------------------------------------- --------------------- --------------
PER SHARE DATA (FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD):
<S> <C> <C> <C>
NET ASSET VALUE - BEGINNING OF PERIOD . $ 10.66 $ 12.89 $ 10.44
--------------------------------------- --------------------- --------------
Income from investment operations:
Net investment income (loss)*. . . . . . 0.182 0.127 0.093
Net realized and unrealized gain (loss)
on investments. . . . . . . . . . . . 3.336 (0.079)4 2.380
--------------------------------------- --------------------- --------------
Total from investment operations . . . . 3.518 0.048 2.473
--------------------------------------- --------------------- --------------
Less distributions to shareholders:
From net investment income . . . . . . . (0.221) (0.163) (0.023)
From net realized gain on investments. . (1.539) (2.115) --
--------------------------------------- --------------------- --------------
Total distributions to shareholders. . . (1.760) (2.278) (0.023)
--------------------------------------- --------------------- --------------
NET ASSET VALUE - END OF PERIOD. . . . . $ 12.42 $ 10.66 $ 12.89
======================================= ===================== ==============
Total return 2 . . . . . . . . . . . . . 34.28% 3.91% 23.69%
Ratios of expenses (to average net
assets) / Supplemental Data:
Expenses * . . . . . . . . . . . . . 1.20% 1.20% 1.20%
Net investment income (loss)*. . . . 1.58% 1.08% 0.78%
Portfolio turnover . . . . . . . . . . . 89% 100% 120%
NET ASSETS - END OF PERIOD . . . . . . . $ 228,243 $ 170,019 $ 163,538
======================================= ===================== ==============
MAXIMUM HORIZON
PORTFOLIO SMALL CAP PORTFOLIO
FOR THE FOR THE FOR THE FOR THE FOR THE
PERIOD YEAR YEAR YEAR PERIOD
11/1/96 1 TO ENDED ENDED ENDED 11/1/96 1 TO
12/31/96 12/31/99 12/31/98 12/31/97 12/31/96
---------- ---------- ---------- -------------- ----------
PER SHARE DATA (FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD):
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE - BEGINNING OF PERIOD . $ 10.00 $ 8.37 $ 12.13 $ 10.72 $ 10.00
---------- ---------- ---------- -------------- ----------
Income from investment operations:
Net investment income (loss)*. . . . . . 0.023 0.089 0.031 (0.027) 0.009
Net realized and unrealized gain (loss)
on investments. . . . . . . . . . . . 0.417 0.627 (1.666) 1.446 0.711
---------- ---------- ---------- -------------- ----------
Total from investment operations . . . . 0.440 0.716 (1.635) 1.419 0.720
---------- ---------- ---------- -------------- ----------
Less distributions to shareholders:
From net investment income . . . . . . . -- (0.032) -- (0.009) --
From net realized gain on investments. . -- (0.094) (2.125) -- --
---------- ---------- ---------- -------------- ----------
Total distributions to shareholders. . . -- (0.126) (2.125) (0.009) --
---------- ---------- ---------- -------------- ----------
NET ASSET VALUE - END OF PERIOD. . . . . $ 10.44 $ 8.96 $ 8.37 $ 12.13 $ 10.72
========== ========== ========== ============== ==========
Total return 2 . . . . . . . . . . . . . 4.40% 8.60% (11.18)% 13.23% 7.20%
Ratios of expenses (to average net
assets) / Supplemental Data:
Expenses * . . . . . . . . . . . . . 1.20%3 1.20% 1.20% 1.20% 1.20%3
Net investment income (loss)*. . . . 1.43%3 1.06% 0.33% (0.23%) 0.55%3
Portfolio turnover . . . . . . . . . . . 4% 75% 155% 72% 9%
NET ASSETS - END OF PERIOD . . . . . . . $ 132,216 $ 151,195 $ 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) . . $(0.666) $(0.723) $ (1.285) $ 0.002 $(0.828) $(0.705) $ (1.357) $ (0.012)
Ratios (to average net assets):
Expenses. . . . . . . . . . . 8.56% 8.43% 12.76% 2.50%3 12.12% 9.04% 12.53% 2.50%3
Net investment income (loss). (5.78)% (6.15)% (10.78)% 0.13%3 (9.86)% (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 fund shares in relation to fluctuating market values of the
investments of the fund.
The accompanying notes are an integral part of the financial statements.
26
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND, INC.
---------------------------------------
EQUITY PORTFOLIO
FOR THE FOR THE FOR THE FOR THE
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED 11/1/96 1 TO
12/31/99 12/31/98 12/31/97 12/31/96
--------------------------------------- ---------------- -------------- ----------
PER SHARE DATA (FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD):
<S> <C> <C> <C> <C>
NET ASSET VALUE - BEGINNING OF PERIOD . $ 12.19 $ 12.78 $ 10.56 $ 10.00
--------------------------------------- ---------------- -------------- ----------
Income from investment operations:
Net investment income* . . . . . . . . . 0.098 0.115 0.048 0.047
Net realized and unrealized gain (loss)
on investments. . . . . . . . . . . . 4.877 0.133 2.219 0.513
--------------------------------------- ---------------- -------------- ----------
Total from investment operations . . . . 4.975 0.248 2.267 0.560
--------------------------------------- ---------------- -------------- ----------
Less distributions to shareholders:
From net investment income . . . . . . . (0.265) (0.049) (0.047) --
From net realized gain on investments. . (3.060) (0.789) -- --
--------------------------------------- ---------------- -------------- ----------
Total distribution to shareholders . . . (3.325) (0.838) (0.047) --
--------------------------------------- ---------------- -------------- ----------
NET ASSET VALUE - END OF PERIOD. . . . . $ 13.84 $ 12.19 $ 12.78 $ 10.56
======================================= ================ ============== ==========
Total return2. . . . . . . . . . . . . . 43.26% 3.69% 21.46% 5.60%
Ratios of expenses (to average net
assets) / Supplemental Data:
Expenses * . . . . . . . . . . . . . 1.20% 1.20% 1.20% 1.20%3
Net investment income *. . . . . . . 0.57% 0.98% 0.41% 2.84%3
Portfolio turnover . . . . . . . . . . . 96% 68% 50% 29%
NET ASSETS - END OF PERIOD . . . . . . . $ 245,855 $ 171,694 $ 165,489 $ 136,267
======================================= ================ ============== ==========
BOND PORTFOLIO
FOR THE FOR THE FOR THE FOR THE
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED 11/1/96 1 TO
12/31/99 12/31/98 12/31/97 12/31/96
---------- ---------- -------------- ----------
PER SHARE DATA (FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD):
<S> <C> <C> <C> <C>
NET ASSET VALUE - BEGINNING OF PERIOD . $ 11.35 $ 10.85 $ 9.94 $ 10.00
---------- ---------- -------------- ----------
Income from investment operations:
Net investment income* . . . . . . . . . 0.541 0.552 0.538 0.062
Net realized and unrealized gain (loss)
on investments. . . . . . . . . . . . (0.918) 0.486 0.434 (0.122)
---------- ---------- -------------- ----------
Total from investment operations . . . . (0.377) 1.038 0.972 (0.060)
---------- ---------- -------------- ----------
Less distributions to shareholders:
From net investment income . . . . . . . (0.552) (0.538) (0.062) --
From net realized gain on investments. . (0.001) -- -- --
---------- ---------- -------------- ----------
Total distribution to shareholders . . . (0.553) (0.538) (0.062) --
---------- ---------- -------------- ----------
NET ASSET VALUE - END OF PERIOD. . . . . $ 10.42 $ 11.35 $ 10.85 $ 9.94
========== ========== ============== ==========
Total return2. . . . . . . . . . . . . . (3.34)% 9.65% 9.81% (0.60)%
Ratios of expenses (to average net
assets) / Supplemental Data:
Expenses * . . . . . . . . . . . . . 0.85% 0.85% 0.85% 0.85%3
Net investment income *. . . . . . . 5.13% 5.09% 5.29% 3.92%3
Portfolio turnover . . . . . . . . . . . 10% 11% 0% 0%
NET ASSETS - END OF PERIOD . . . . . . . $ 146,612 $ 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) . . $(1.107) $ (0.737) $ (1.268) $ 0.025 $(0.423) $(0.333) $(0.827) $ 0.036
Ratios (to average net assets):
Expenses. . . . . . . . . . . 8.21% 8.46 % 12.44% 2.50%3 9.99% 9.01% 14.27% 2.50%3
1.54%3
Net investment income (loss). (6.44)% (6.28 )% (10.83)% (4.01)% (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
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 December 31, 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 Portfolios 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 use 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
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
DISTRIBUTIONS 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 their capital accounts without impacting the Portfolios'
net asset value.
For the year ended December 31, 1999, the Fund distributed long-term capital
gains as follows: Moderate Growth Portfolio - $5,710, Growth Portfolio - $3,814,
Maximum Horizon Portfolio - $9,084, Small Cap Portfolio - $1,570, Equity
Portfolio - $34,788, and Bond Portfolio - $15.
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
investments 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 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, 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 each Portfolio pays 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 the Bond Portfolio. For the year ended
December 31, 1999, the fees amounted to: $1,783 for the Moderate Growth
Portfolio; $5,125 for the Growth Portfolio; $1,974 for the Maximum Horizon
Portfolio; $1,410 for the Small Cap Portfolio; $2,070 for the Equity Portfolio;
and $741 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 $12,480 for the Moderate Growth Portfolio, $9,775 for the Growth
Portfolio, $12,551 for the Maximum Horizon Portfolio, $13,982 for the Small Cap
Portfolio, $12,436 for the Equity Portfolio, and $12,808 for the Bond Portfolio
for the year ended December 31, 1999.
29
<PAGE>
NOTES TO FINANCIAL STATEMENTS
3. TRANSACTIONS WITH AFFILIATES (continued)
The Advisor also acts as the transfer, dividend paying and shareholder servicing
agent for the Fund. 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.
4. BENEFICIAL OWNERSHIP
At December 31, 1999, the Advisor was a significant shareholder in each of
the Portfolios, and Liberty Life Insurance Company of Boston 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
year ended December 31, 1999 were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
PORTFOLIOS OTHER ISSUERS GOVERNMENT OTHER ISSUERS GOVERNMENT
- ------------------------- -------------- ----------- -------------- -----------
<S> <C> <C> <C> <C>
Moderate Growth Portfolio $ 98,024 $ 205,723 $ 44,207 $ 142,780
Growth Portfolio. . . . . 255,590 141,617 326,917 215,747
Maximum Horizon Portfolio 149,113 15,119 166,820 11,995
Small Cap Portfolio . . . 75,288 -- 78,759 --
Equity Portfolio. . . . . 196,974 -- 200,913 --
Bond Portfolio. . . . . . -- 27,654 -- 15,000
</TABLE>
6. CAPITAL STOCK TRANSACTIONS
Transactions in capital shares of Portfolios were as follows:
<TABLE>
<CAPTION>
FOR THE YEAR FOR THE YEAR
ENDED 12/31/99 ENDED 12/31/98
PORTFOLIOS SHARES AMOUNT SHARES AMOUNT
- ------------------------- --------------- ---------------- -------- ----------
<S> <C> <C> <C> <C>
Moderate Growth Portfolio
So Sold. . . . . . . . . 12,125 $ 121,010 -- --
Reinvested. . . . . 1,370 14,244 1,266 $ 12,953
--------------- ---------------- -------- ----------
Total . . . . . . . . . . 13,495 $ 135,254 1,266 $ 12,953
=============== ================ ======== ==========
Growth Portfolio
Sold. . . . . . . . 4,207 $ 51,164 39,407 $ 498,864
Reinvested. . . . . 2,633 32,138 2,171 23,530
Repurchased . . . . (16,753) (200,528) (16,050) (201,434)
--------------- ---------------- -------- ----------
Total . . . . . . . (9,913) $ (117,226) 25,528 $ 320,960
=============== ================ ======== ==========
Maximum Horizon Portfolio
Reinvested. . . . . 2,431 $ 28,059 3,253 $ 28,894
Small Cap Portfolio
Reinvested. . . . . 241 $ 2,107 3,711 $ 27,459
Equity Portfolio
Reinvested. . . . . 3,686 $ 46,816 1,128 $ 10,848
Bond Portfolio
Reinvested. . . . . 707 $ 7,388 614 $ 6,858
</TABLE>
30
<PAGE>
NOTES TO FINANCIAL STATEMENTS
7. FOREIGN SECURITIES
Investing in securities of foreign companies and foreign governments involves
special risks and considerations not typically associated with investing in
securities of domestic companies and the 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.
8 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 December 31, 1999.
.
9. SUBSEQUENT EVENT
On February 2, 2000, the Fund's Board of Directors voted to allow the Advisor to
cease the offering of the Small Cap Portfolio, Equity Portfolio, and the Bond
Portfolio.
31
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and the Board of Directors of
Manning & Napier Insurance Fund, Inc.:
In our opinion, the accompanying statements of assets and liabilities, including
the portfolios of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of the six portfolios (identified in
Note 1) of the Manning & Napier Insurance Fund, Inc., at December 31, 1999, the
results of their operations, the changes in their net assets, and their
financial highlights for each of the periods indicated therein, in conformity
with accounting principles generally accepted in the United States. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States which require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included confirmation
of securities at December 31, 1999 by correspondence with the custodian and
brokers, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 18, 2000
32
<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] DEC-31-1999
[PERIOD-TYPE] 12-MOS
[EXCHANGE-RATE] 1
[INVESTMENTS-AT-COST] 168780
[INVESTMENTS-AT-VALUE] 158050
[RECEIVABLES] 13989
[ASSETS-OTHER] 339
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 172378
[PAYABLE-FOR-SECURITIES] 3663
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 17521
[TOTAL-LIABILITIES] 21184
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 160395
[SHARES-COMMON-STOCK] 16873
[SHARES-COMMON-PRIOR] 16632
[ACCUMULATED-NII-CURRENT] 1499
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 30
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (10730)
[NET-ASSETS] 151194
[DIVIDEND-INCOME] 1057
[INTEREST-INCOME] 2136
[OTHER-INCOME] 0
[EXPENSES-NET] 1692
[NET-INVESTMENT-INCOME] 1501
[REALIZED-GAINS-CURRENT] 28
[APPREC-INCREASE-CURRENT] 10468
[NET-CHANGE-FROM-OPS] 10496
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 537
[DISTRIBUTIONS-OF-GAINS] 1570
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 241
[NET-CHANGE-IN-ASSETS] 11997
[ACCUMULATED-NII-PRIOR] 537
[ACCUMULATED-GAINS-PRIOR] 1570
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1410
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 17084
[AVERAGE-NET-ASSETS] 141265
[PER-SHARE-NAV-BEGIN] 8.37
[PER-SHARE-NII] 0.089
[PER-SHARE-GAIN-APPREC] 0.627
[PER-SHARE-DIVIDEND] 0.032
[PER-SHARE-DISTRIBUTIONS] 0.094
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 8.96
[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] DEC-31-1999
[PERIOD-TYPE] 12-MOS
[EXCHANGE-RATE] 1
[INVESTMENTS-AT-COST] 152796
[INVESTMENTS-AT-VALUE] 150106
[RECEIVABLES] 15244
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 165350
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 18738
[TOTAL-LIABILITIES] 18738
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 141697
[SHARES-COMMON-STOCK] 14064
[SHARES-COMMON-PRIOR] 13357
[ACCUMULATED-NII-CURRENT] 7605
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (2690)
[NET-ASSETS] 146612
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 8867
[OTHER-INCOME] 0
[EXPENSES-NET] 1260
[NET-INVESTMENT-INCOME] 7607
[REALIZED-GAINS-CURRENT] 0
[APPREC-INCREASE-CURRENT] (12578)
[NET-CHANGE-FROM-OPS] (4971)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (7373)
[DISTRIBUTIONS-OF-GAINS] (15)
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 707
[NET-CHANGE-IN-ASSETS] (4971)
[ACCUMULATED-NII-PRIOR] 7371
[ACCUMULATED-GAINS-PRIOR] 14
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 741
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 14809
[AVERAGE-NET-ASSETS] 148350
[PER-SHARE-NAV-BEGIN] 11.35
[PER-SHARE-NII] 0.541
[PER-SHARE-GAIN-APPREC] (0.918)
[PER-SHARE-DIVIDEND] 0.552
[PER-SHARE-DISTRIBUTIONS] 0.001
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.42
[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] DEC-31-1999
[PERIOD-TYPE] 12-MOS
[EXCHANGE-RATE] 1
[INVESTMENTS-AT-COST] 218137
[INVESTMENTS-AT-VALUE] 251671
[RECEIVABLES] 12436
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 264482
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 18627
[TOTAL-LIABILITIES] 18627
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 187465
[SHARES-COMMON-STOCK] 17768
[SHARES-COMMON-PRIOR] 14082
[ACCUMULATED-NII-CURRENT] (934)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 25790
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 33534
[NET-ASSETS] 245855
[DIVIDEND-INCOME] 3285
[INTEREST-INCOME] 381
[OTHER-INCOME] 0
[EXPENSES-NET] 2483
[NET-INVESTMENT-INCOME] 1183
[REALIZED-GAINS-CURRENT] 30489
[APPREC-INCREASE-CURRENT] 42489
[NET-CHANGE-FROM-OPS] 74161
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (3732)
[DISTRIBUTIONS-OF-GAINS] (43084)
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 3686
[NET-CHANGE-IN-ASSETS] 74161
[ACCUMULATED-NII-PRIOR] 1615
[ACCUMULATED-GAINS-PRIOR] 38386
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2070
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 16989
[AVERAGE-NET-ASSETS] 206314
[PER-SHARE-NAV-BEGIN] 12.19
[PER-SHARE-NII] 0.098
[PER-SHARE-GAIN-APPREC] 4.877
[PER-SHARE-DIVIDEND] 0.265
[PER-SHARE-DISTRIBUTIONS] 3.060
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.84
[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] DEC-31-1999
[PERIOD-TYPE] 12-MOS
[EXCHANGE-RATE] 1
[INVESTMENTS-AT-COST] 519476
[INVESTMENTS-AT-VALUE] 526838
[RECEIVABLES] 19295
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 546133
[PAYABLE-FOR-SECURITIES] 2291
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 18794
[TOTAL-LIABILITIES] 21085
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 496126
[SHARES-COMMON-STOCK] 41764
[SHARES-COMMON-PRIOR] 51677
[ACCUMULATED-NII-CURRENT] 12578
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 8982
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 7362
[NET-ASSETS] 525048
[DIVIDEND-INCOME] 6045
[INTEREST-INCOME] 12684
[OTHER-INCOME] 0
[EXPENSES-NET] 6151
[NET-INVESTMENT-INCOME] 12578
[REALIZED-GAINS-CURRENT] 17950
[APPREC-INCREASE-CURRENT] 29127
[NET-CHANGE-FROM-OPS] 59655
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 14451
[DISTRIBUTIONS-OF-GAINS] 17687
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 4207
[NUMBER-OF-SHARES-REDEEMED] 16753
[SHARES-REINVESTED] 2633
[NET-CHANGE-IN-ASSETS] (89709)
[ACCUMULATED-NII-PRIOR] 14450
[ACCUMULATED-GAINS-PRIOR] 8719
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 5125
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 21051
[AVERAGE-NET-ASSETS] 520694
[PER-SHARE-NAV-BEGIN] 11.90
[PER-SHARE-NII] 0.391
[PER-SHARE-GAIN-APPREC] 1.100
[PER-SHARE-DIVIDEND] 0.369
[PER-SHARE-DISTRIBUTIONS] 0.452
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.57
[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] DEC-31-1999
[PERIOD-TYPE] 12-MOS
[EXCHANGE-RATE] 1
[INVESTMENTS-AT-COST] 286495
[INVESTMENTS-AT-VALUE] 288074
[RECEIVABLES] 17139
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 305213
[PAYABLE-FOR-SECURITIES] 1718
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 17987
[TOTAL-LIABILITIES] 19705
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 275696
[SHARES-COMMON-STOCK] 27502
[SHARES-COMMON-PRIOR] 14007
[ACCUMULATED-NII-CURRENT] 6451
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 1782
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1579
[NET-ASSETS] 285508
[DIVIDEND-INCOME] 1435
[INTEREST-INCOME] 7157
[OTHER-INCOME] 0
[EXPENSES-NET] 2140
[NET-INVESTMENT-INCOME] 6452
[REALIZED-GAINS-CURRENT] 2747
[APPREC-INCREASE-CURRENT] 1975
[NET-CHANGE-FROM-OPS] 11174
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 4809
[DISTRIBUTIONS-OF-GAINS] 9435
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 12125
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 1370
[NET-CHANGE-IN-ASSETS] 132184
[ACCUMULATED-NII-PRIOR] 4808
[ACCUMULATED-GAINS-PRIOR] 8469
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1783
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 16403
[AVERAGE-NET-ASSETS] 185203
[PER-SHARE-NAV-BEGIN] 10.95
[PER-SHARE-NII] 0.235
[PER-SHARE-GAIN-APPREC] 0.212
[PER-SHARE-DIVIDEND] 0.343
[PER-SHARE-DISTRIBUTIONS] 0.674
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.38
[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] DEC-31-1999
[PERIOD-TYPE] 12-MOS
[EXCHANGE-RATE] 1
[INVESTMENTS-AT-COST] 221833
[INVESTMENTS-AT-VALUE] 232941
[RECEIVABLES] 13037
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 245978
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 17735
[TOTAL-LIABILITIES] 17735
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 183916
[SHARES-COMMON-STOCK] 18374
[SHARES-COMMON-PRIOR] 15943
[ACCUMULATED-NII-CURRENT] 1658
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 31561
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 11108
[NET-ASSETS] 228243
[DIVIDEND-INCOME] 3846
[INTEREST-INCOME] 1638
[OTHER-INCOME] 0
[EXPENSES-NET] 2369
[NET-INVESTMENT-INCOME] 3115
[REALIZED-GAINS-CURRENT] 32683
[APPREC-INCREASE-CURRENT] 22426
[NET-CHANGE-FROM-OPS] 58224
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 3525
[DISTRIBUTIONS-OF-GAINS] 24534
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 2431
[NET-CHANGE-IN-ASSETS] 58224
[ACCUMULATED-NII-PRIOR] 2068
[ACCUMULATED-GAINS-PRIOR] 23414
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1974
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 16894
[AVERAGE-NET-ASSETS] 196891
[PER-SHARE-NAV-BEGIN] 10.66
[PER-SHARE-NII] 0.182
[PER-SHARE-GAIN-APPREC] 3.336
[PER-SHARE-DIVIDEND] 0.221
[PER-SHARE-DISTRIBUTIONS] 1.539
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.42
[EXPENSE-RATIO] 1.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
