As filed with the Securities and Exchange Commission on April 30,1996
Registration No. 2-92633
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933 X
POST-EFFECTIVE AMENDMENT NO. 23 X
and
REGISTRATION STATEMENT UNDER
THE INVESTMENT COMPANY ACT OF 1940 X
AMENDMENT NO. 26 X
MANNING & NAPIER FUND, INC.
(Exact Name of Registrant as Specified in Charter)
1100 Chase Square, Rochester, New York 14604
(Address of Principal Executive Office) (Zip Code)
Registrant's Telephone Number, including Area Code (716) 325-6880
B. Reuben Auspitz or Barbara Lapple
c/o Manning & Napier Fund, Inc.
1100 Chase Square
Rochester, New York 14604
(Name and Address of Agent for Service)
Copies to:
Richard W. Grant, Esq.
Morgan, Lewis & Bockius
2000 One Logan Square
Philadelphia, PA 19103
It is proposed that this filing will become effective on April 30, 1996
pursuant to paragraph (b) of Rule 485.
Registrant has registered an indefinite number of its shares under the
Securities Act of 1933 pursuant to Rule 24f-2 under the Investment Company Act
of 1940. Registrant's Rule 24f-2 Notice for its fiscal year ended December
31, 1995 was filed on February 12, 1996.
<PAGE>
MANNING & NAPIER FUND, INC.
Cross Reference Sheet
<TABLE>
<CAPTION>
Form N-1A item
- ---------------------------------------
Item Number
- ---------------------------------------
Part A Prospectus Caption
- --------------------------------------- ---------------------------------------------------------
<S> <C> <C>
1. Cover Page
2. *
3. Consolidated Financial Information
4. General Information; Cover Page; Investment Objective
and Policies; Principal Investment Restrictions
5. (a-b) Management
(c) *
(d) General Information
(e) Management
(f) *
6. (a-e) General Information
(f-g) Dividends and Tax Status
7. Subscriptions, Exchanges & Redemptions of Shares
8. Subscriptions, Exchanges & Redemptions of Shares
9. *
Part B Statement of Additional Information or Prospectus Caption
(indicated by See Part A")
- ---------------------------------------
10. Cover Page
11. Cover Page
12. *
13. Investment Objective and Policies
14. Management
15. (a-b) See Part A--General Information
(c) Management
16. (a-c) Management
(d-g) *
(h) See Part A--General Information
(i) *
17. (a) Management--Portfolio Transactions and Brokerage
(b) *
(c) Management--Portfolio Transactions and Brokerage
18. See Part A--General Information
19. (a-b) See Part A--Offering of Shares
(c) See Part A-Redemption of Shares
(d) *
20. Dividends and Tax Status
21. *
22. *
23. Financial Statements
</TABLE>
Part C
Information required to be included in Part C is set forth under the
appropriate item, so numbered, in
Part C to this Registration Statement.
* Not Applicable
<PAGE>
Supplemental Prospectus
for Defensive Series dated
April 30, 1996 to the Prospectus
for the Defensive Series dated July 21, 1995.
<PAGE>
<PAGE>
EXPENSES
<TABLE>
<CAPTION>
SHAREHOLDER TRANSACTION EXPENSES
(as a percentage of offering price)
<S> <C>
Maximum Sales Charge Imposed on Purchases None
Redemption Fees(1) None
Exchange Fee (2) None
<FN>
(1) A wire charge, currently $15, will be deducted by the Transfer Agent from
the amount of a wire redemption payment made at the request of a shareholder.
Such amount is not included in the "Annual Operating Expenses of the Series".
(2) A shareholder may effect up to four (4) exchanges in a twelve (12) month
period without charge. Subsequent exchanges are subject to a fee of $15.
</TABLE>
<TABLE>
<CAPTION>
ANNUAL OPERATING EXPENSES
The following information provides (i) a tabular summary of expenses relating
to the annual operating expenses of the Series and (ii) an example
illustrating the dollar cost of such expenses on a $1,000 investment.
Annual Operating Expenses(as a percentage of average net assets):
Defensive Series
-----------------
<S> <C>
Management Fees 0.80%
12b-1 Fees None
Other Expenses 0.20%
-----------------
Total Operating Expenses 1.00%
=================
</TABLE>
<TABLE>
<CAPTION>
Example:
You would pay the following expenses on a $1,000 investment, assuming a) 5%
annual return and b) redemptions at the end of each period:
1 year 3 years
------- --------
<S> <C> <C>
Defensive Series $ 10 $ 32
</TABLE>
The purposes of the table above is to assist the investor in understanding the
various costs and expenses associated with investing in the Series. For a more
complete description of the various costs and expenses illustrated above, please
refer to the Management section of the Prospectus.
This example should not be considered a representation of past or future
expenses and actual expenses may be greater or lesser than those shown above.
2
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following table provides selected per share data and ratios for the
Defensive Series (for a share outstanding throughout the period for the
periods shown). The table is part of the Series' financial statements,
which are included in the Statement of Additional Information incorporated
by reference into this Prospectus.
DEFENSIVE SERIES
For the
Four Months
Ended
2/29/96
Per share data ( for a share outstanding
throughout each period):
<S> <C> <C>
Net asset value -- Beginning of period $10.00
Income from investment operations:
Net investment income 0.111
Net realized and unrealized gain (loss) on 0.055
investments 0.166
Total from investment operations
Less distributions declared to shareholders:
From net investment income (0.046)
Net asset value - End of period $10.12
Total return1 1.66%
Ratios (to average net assets)/Supplemental Data:
Expenses* 1.00% 2
Net investment income* 3.87% 2
Portfolio turnover 6%
Average commission rate paid $0.0765
Net Assets - End of period (000's omitted) $459
*The investment advisor did not impose its management fee and paid a portion
of the Funds expenses. If these expenses had been incurred by the Fund,
expenses would have been limited to that required by state securities law.
If the full expenses had been incurred by the Fund,the net investment
income per share and the ratios would be as follows:
Net investment income $0.068
Ratios (to average net assets:
Expenses 2.50% 2
Net Investment Income 2.37% 2
</TABLE>
1Represents aggregate total return for the period indicated.
2Annualized.
3
<PAGE>
PART A
The Prospectus for the Defensive Series is hereby incorporated by reference
to the Registration Statement on Form N-1A filed on July 21, 1995.
<PAGE>
Supplemental Prospectus
for Maximum Horizon Series dated
April 30, 1996 to the Prospectus
for the Maximum Horizon Series dated July 21, 1995.
<PAGE>
<PAGE>
EXPENSES
<TABLE>
<CAPTION>
SHAREHOLDER TRANSACTION EXPENSES
(as a percentage of offering price)
<S> <C>
Maximum Sales Charge Imposed on Purchases None
Redemption Fees(1) None
Exchange Fee (2) None
<FN>
(1) A wire charge, currently $15, will be deducted by the Transfer Agent from
the amount of a wire redemption payment made at the request of a shareholder.
Such amount is not included in the "Annual Operating Expenses of the Series".
(2) A shareholder may effect up to four (4) exchanges in a twelve (12) month
period without charge. Subsequent exchanges are subject to a fee of $15.
</TABLE>
<TABLE>
<CAPTION>
ANNUAL OPERATING EXPENSES
The following information provides (i) a tabular summary of expenses relating
to the annual operating expenses of the Series and (ii) an example
illustrating the dollar cost of such expenses on a $1,000 investment.
Annual Operating Expenses(as a percentage of average net assets):
Maximum Horizon Series
-----------------------
<S> <C>
Management Fees 1.00%
12b-1 Fees None
Other Expenses 0.20%
-----------------------
Total Operating Expenses 1.20%
=======================
</TABLE>
<TABLE>
<CAPTION>
Example:
You would pay the following expenses on a $1,000 investment, assuming a) 5%
annual return and b) redemptions at the end of each period:
1 year 3 years
------- --------
<S> <C> <C>
Maximum Horizon Series 12 38
</TABLE>
The purposes of the table above is to assist the investor in understanding the
various costs and expenses associated with investing in the Series. For a more
complete description of the various costs and expenses illustrated above,
please refer to the Management section of the Prospectus.
This example should not be considered a representation of past or future
expenses and actual expenses may be greater or lesser than those shown above.
2
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following table provides selected per share data and ratios for the Maximum
Horizon Series (for a share outstanding throughout the period for the periods
shown). The table is part of the Series' financial statements, which are
included in the Statement of Additional Information incorporated by reference
into this Prospectus.
MAXIMUM HORIZON SERIES
For the
Four Months
Ended
2/29/96
Per share data ( for a share outstanding
throughout each period):
<S> <C> <C>
Net asset value -- Beginning of period $10.00
Income from investment operations:
Net investment income 0.097
Net realized and unrealized gain (loss) on
investments 0.314
Total from investment operations 0.411
Less distributions declared to shareholders:
From net investment income (0.051)
Net asset value - End of period $10.36
Total return1 4.22%
Ratios (to average net assets)/Supplemental Data:
Expenses* 1.20% 2
Net investment income* 2.67% 2
Portfolio turnover 12%
Average commission rate paid $0.0937
Net Assets - End of period (000's omitted) $258
*The investment advisor did not impose its management fee and paid a portion
of the Funds expenses. If these expenses had been incurred by the Fund,
expenses would have been limited to that required by state securities law.
If the full expenses had been incurred by the Fund,the net investment
income per share and the ratios would be as follows:
Net investment income $0.050
Ratios (to average net assets):
Expenses 2.50% 2
Net Investment Income 1.37% 2
</TABLE>
1Represents aggregate total return for the period indicated.
2Annualized.
3
<PAGE>
PART A
The Prospectus for the Maximum Horizon Series is hereby incorporated by
reference to the Registration Statement on Form N-1A filed on July 21, 1995.
<PAGE>
Supplemental Prospectus
for Tax Managed Series dated
April 30, 1996 to the Prospectus
for the Tax Managed Series dated May 26, 1995.
<PAGE>
<PAGE>
EXPENSES
<TABLE>
<CAPTION>
SHAREHOLDER TRANSACTION EXPENSES
(as a percentage of offering price)
<S> <C>
Maximum Sales Charge Imposed on Purchases None
Redemption Fees(1) None
<FN>
(1) A wire charge, currently $15, will be deducted by the Transfer Agent from
the amount of a wire redemption payment made at the request of a shareholder.
Such amount is not included in the "Annual Operating Expenses of the Series".
</TABLE>
<TABLE>
<CAPTION>
Annual Operating Expenses
The following information provides (i) a tabular summary of expenses relating
to the annual operating expenses of the Series and (ii) an example illustrating
the dollar cost of such expenses on a $1,000 investment.
Annual Operating Expenses(as a percentage of average net assets):
<S> <C>
Management Fees 1.00%
12b-1 Fees None
Other Expenses 0.20%
-----
Total Operating Expenses 1.20%
=====
</TABLE>
<TABLE>
<CAPTION>
Example:
You would pay the following expenses on a $1,000 investment, assuming
a) 5% annual return and b) redemptions at the end of each period:
1 year 3 years
------ -------
<S> <C> <C>
Tax Managed Series $12 $38
</TABLE>
The purposes of the table above is to assist the investor in understanding the
various costs and expenses associated with investing in each Series. For a more
complete description of the various costs and expenses illustrated above, please
refer to the Management section of the Prospectus.
There may be times when the annual operating expenses exceed 1.20%. During
these periods, the Advisor has agreed to waive its management fee and pay a
portion of the Series' expenses to ensure that the total operating expense
percentage does not exceed 1.20%. The fee waiver and assumption of expenses by
the Advisor is voluntary and may be terminated at any time. If these expenses
were to be incurred by the series, the expenses would be limited to 2.50% (the
limit imposed by state securities law). Absent this reimbursement, Other
Expenses would be 1.5% and Total Operating Expenses would be 2.5%.
THIS EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES AND ACTUAL EXPENSES MAY BE GREATER OR LESSER THAN THOSE SHOWN ABOVE.
2
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following table provides selected per share data and ratios for the Tax
Managed Series (for a share outstanding throughout the period for the periods
shown). The table is part of the Series' financial statements, which are
included in the Statement of Additional Information incorporated by reference
into this Prospectus.
For the
Four Months
Ended
2/29/96
Per share data ( for a share outstanding
throughout each period):
<S> <C>
Net asset value -- Beginning of period $10.00
Income from investment operations:
Net investment income (0.007)
Net realized and unrealized gain (loss) on
investments 0.417
Total from investment operations 0.410
Net asset value - End of period $10.41
Total return1 4.10%
Ratios (to average net assets)/Supplemental Data:
Expenses* 1.20%2
Net investment income* (0.21)%2
Portfolio turnover 6%
Average commission rate paid $0.0735
Net Assets - End of period (000's omitted) $165
*The investment advisor did not impose its management fee and paid a portion
of the Funds expenses. If these expenses had been incurred by the Fund,
expenses would have been limited to that required by state securities law.
If the full expenses had been incurred by the Fund,the net investment
income per share and the ratios would be as follows:
Net investment income $(0.051)
Ratios (to average net assets):
Expenses 2.50%2
Net Investment Income (1.52)%2
</TABLE>
1Represents aggregate total return for the period indicated.
2Annualized.
3
<PAGE>
PART A
The Prospectus for the Tax Managed Series is hereby incorporated by
reference to the Registration Statement on Form N-1A filed on May 26, 1995.
<PAGE>
PART B
Supplement to the Statement of Additional Information for the Fund dated
April 30, 1996 to the Statement of Additional Information dated March 6, 1996.
<PAGE>
Manning & Napier Fund, Inc.
DEFENSIVE SERIES
Interim Report
February 29, 1996
<PAGE>
Performance Update as of February 29, 1996
The value of a $10,000 investment in the Manning & Napier Fund, Inc.-
Defensive Series from its inception (11/1/95) to present (2/29/96) as compared
to the Lehman Brothers Intermediate Bond Index and a Balanced Index.1
<TABLE>
<CAPTION>
Manning & Napier Fund, Inc.
Defensive Series
Total Return
Growth of
Through $10,000 Average
2/29/96 Investment Cumulative Annual
<S> <C> <C> <C>
Inception2 $10,166 1.66% N/A
</TABLE>
<TABLE>
<CAPTION>
Lehman Brothers Intermediate Bond Index
Total Return
Growth of
Through $10,000 Average
2/29/96 Investment Cumulative Annual
<S> <C> <C> <C>
Inception2 $10,205 2.05% N/A
</TABLE>
<TABLE>
<CAPTION>
Balanced Index
Total Return
Growth of
Through $10,000 Average
2/29/96 Investment Cumulative Annual
<S> <C> <C> <C>
Inception2 $10,338 3.38% N/A
</TABLE>
1The Lehman Brothers Intermediate Bond Index is a market value weighted measure
of approximately 3,215 corporate and government securities. The Index is
comprised of investment grade securities with maturities greater than one year
but less than ten years. The Blanaced Index is 15% Standard & Poor's (S&P) 500
Total Return Index and 85% Lehman Brothers Intermediate Bond Index. The 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. Both Indices' returns assume
reinvestment of income and, unlike Fund returns, do not reflect any fees or
expenses.
2The Fund and Indices performance numbers are calculated from November 1,
1995, the Fund's inception date. The Fund's performance is historical and may
not be indicative of future results.
[GRAPHIC]
LINE CHART
Data for Line Chart to follow:
<TABLE>
<CAPTION>
Manning & Napier Lehman Brothers
Defensive Intermediate Bond Balanced
Series Index Index
<S> <C> <C> <C>
1-Nov-95* $ 10,000 $ 10,000 $ 10,000
30-Nov-95 10,100 10,131 10,177
31-Dec-95 10,216 10,238 10,298
31-Jan-96 10,287 10,326 10,427
29-Feb-96 10,166 10,205 10,338
</TABLE>
* Inception date
1
<PAGE>
<TABLE>
<CAPTION>
INVESTMENT PORTFOLIO - FEBRUARY 29, 1996
Value
Shares (Note 2)
<S> <C> <C>
COMMON STOCK - 9.2%
AIR COURIER SERVICES - 1.2%
Federal Express Corp.* 75 $ 5,550
APPAREL - 1.4%
VF Corp. 125 6,719
ELECTRONICS & ELECTRICAL EQUIPMENT - 2.4%
Household Appliance - 1.2%
Sunbeam Corporation, Inc. 175 2,822
Whirlpool Corp. 50 2,781
5,603
Semiconductors - 0.3%
Intel Corp.* 25 1,470
Telecommunication Equipment - 0.9%
General Instrument Corp.* 150 4,087
11,160
ENGINEERING SERVICES - 0.2%
Jacobs Engineering Group, Inc.* 25 713
PHOTOGRAPHIC EQUIPMENT & SUPPLIES - 0.4%
Eastman Kodak Co. 25 1,788
RESTAURANTS - 0.3%
McDonald's Corp.* 25 1,250
RETAIL - 1.1%
Shoe Stores - 0.3%
Brown Group, Inc. 100 1,238
Specialty Stores - 0.8%
Fabri Centers of America - Class B* 50 594
Fingerhut Companies, Inc. 175 2,428
Hancock Fabrics, Inc. 75 712
3,734
4,972
TELEPHONE COMMUNICATIONS - 1.6%
BCE, Inc. 50 1,737
Bellsouth Corp. 75 2,991
Cable & Wireless Plc. - ADR 125 2,531
7,259
UTILITIES - ELECTRIC - 0.6%
Enersis S.A. - ADR 100 2,837
TOTAL COMMON STOCKS (Identified Cost $40,582) 42,248
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
INVESTMENT PORTFOLIO - FEBRUARY 29, 1996
Principal Value
Amount (Note 2)
U.S. GOVERMENT AGENCIES - 8.7%
Fannie Mae Discount Note, 3/19/1996 20,000 $ 19,949
Farm Credit Discount Note, 3/25/1996 20,000 19,932
TOTAL U.S. GOVERNMENT AGENCIES (Identified Cost $39,881) 39,881
U.S. TREASURY SECURITIES - 79.7%
U.S. Treasury Bonds - 21.4%
U.S. Treasury Bond, 6.50%, 5/15/2005 60,000 61,444
U.S. Treasury Bond, 6.875%, 8/15/2025 35,000 36,477
Total U.S. Treasury Bonds (Identified Cost $100,457) 97,921
U.S. Treasury Notes - 49.7%
U.S. Treasury Note, 6.00%, 8/31/1997 75,000 75,680
U.S. Treasury Note, 6.125%, 9/30/2000 95,000 96,336
U.S. Treasury Note, 6.25%, 2/15/2003 55,000 55,825
Total U.S. Treasury Notes (Identified Cost $229,389) 227,841
U.S. Treasury Bills - 8.6%
U.S. Treasury Bill, 3/28/1996 (Identified Cost $39,866) 40,000 39,866
TOTAL U.S. TREASURY SECURITIES (Identified Cost $369,712) 365,628
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
INVESTMENT PORTFOLIO - FEBRUARY 29, 1996
Value
Shares (Note 2)
SHORT-TERM INVESTMENTS - 1.5%
Dreyfus U.S. Treasury Money Market Reserves
(Identified Cost $6,728) 6,728 6,728
TOTAL INVESTMENTS -
(Identified Cost $456,903) $454,485
OTHER ASSETS, LESS LIABILITIES - 0.9% 4,079
NET ASSETS - 100% $458,564
* Non-income producing security
</TABLE>
<TABLE>
<CAPTION>
Federal Tax Information:
At February 29, 1996, the net unrealized depreciation based on identified cost
for federal income tax purposes of $456,903 was as follows:
<S> <C>
Aggregate gross unrealized appreciation for all investments
in which there was an excess of value over tax cost $ 2,498
Aggregate gross unrealized depreciation for all investments
in which there was an excess of tax cost over value (4,916)
Unrealized depreciation - net $(2,418)
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
February 29, 1996
<S> <C>
ASSETS:
Investments, at value (Identified cost $456,903)(Note 2) $454,485
Interest receivable 3,825
Dividends receivable 56
Due from investment advisor (Note 3) 4,970
TOTAL ASSETS 463,336
LIABILITIES:
Accrued Directors' fees (Note 3) 2,325
Transfer agent fees payable (Note 3) 30
Audit fee payable 2,355
Other payables and accrued expenses 62
TOTAL LIABILITIES 4,772
NET ASSETS FOR 45,327 SHARES OUTSTANDING $458,564
NET ASSETS CONSIST OF:
Capital stock $ 453
Additional paid - in - capital 454,777
Undistributed net investment income 2,949
Accumulated net realized gains on investments 2,803
Net unrealized depreciation on investments (2,418)
TOTAL NET ASSETS $458,564
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
($458,564/45,327 shares) $10.12
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
<TABLE>
<CAPTION>
Statement of Operations
For the Four Months Ended February 29, 1996
<S> <C>
INVESTMENT INCOME
Interest $ 5,992
Dividends 224
Total Investment Income 6,216
EXPENSES:
Management fees (Note 3) 1,011
Directors fees (Note 3) 2,325
Transfer agent fees (Note 3) 30
Audit fee 2,630
Custodian fees 731
Miscellaneous 528
Total Expenses 7,255
Less Waiver of Expenses (Note 3) (5,982)
Net Expenses 1,273
NET INVESTMENT INCOME 4,943
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized gain on investments (identified cost basis) 2,803
Net change in unrealized depreciation on investments (2,418)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS 385
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 5,328
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
For the
Four Months
Ended
2/29/96
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 4,943
Net realized gain on investments 2,803
Net change in unrealized (depreciation) on investments (2,418)
Net increase in net assets from operations 5,328
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (1,994)
CAPITAL STOCK ISSUED AND REDEEMED:
Net increase in net assets from capital share
transactions (Note 5) 455,230
Net increase in net assets 458,564
NET ASSETS:
Beginning of period -
End of period (including undistributed net investment
income of $2,949) $458,564
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
<TABLE>
<CAPTION>
Financial Highlights
For the
Four Months
Ended
2/29/96
Per share data ( for a share outstanding
throughout each period):
<S> <C>
Net asset value -- Beginning of period $10.00
Income from investment operations:
Net investment income 0.111
Net realized and unrealized gain (loss) on 0.055
investments 0.166
Total from investment operations
Less distributions declared to shareholders:
From net investment income (0.046)
Net asset value - End of period $10.12
Total return1 1.66%
Ratios (to average net assets)/Supplemental Data:
Expenses* 1.00%2
Net investment income* 3.87%2
Portfolio turnover 6%
Average commission rate paid $0.0765
Net Assets - End of period (000's omitted) $459
*The investment advisor did not impose its management fee and paid a portion
of the Funds expenses. If these expenses had been incurred by the Fund,
expenses would have been limited to that required by state securities law.
If the full expenses had been incurred by the Fund,the net investment
income per share and the ratios would be as follows:
Net investment income $0.068
Ratios (to average net assets:
Expenses 2.50%2
Net Investment Income 2.37%2
</TABLE>
1Represents aggregate total return for the period indicated.
2Annualized.
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION
Defensive Series (the "Fund") is a no-load diversified series of
Manning & Napier Fund, Inc. (the "Corporation"). The Corporation is
organized as a Maryland Corporation and is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment
company.
Shares of the Fund are offered to investors, employees and clients of
Manning & Napier Advisors, Inc. (the "Advisor") and its affiliates. The
total authorized capital stock of the Corporation consists of one billion
shares of common stock each having a par value of $0.01. As of February 29,
1996, 760 million shares have been designated in total among 19 series, of
which 20 million have been designated as Defensive Series Class E
Common Stock.
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.
Debt securities, including government bonds and mortgage backed
securities, will normally be valued on the basis of evaluated bid prices.
Securities for which representative prices are not available from the
Fund's pricing service are valued at fair value as determined in good faith
by the Fund's Board of Directors.
Short-term investments that mature in sixty (60) days or less are valued
at amortized cost.
SECURITY TRANSACTIONS, INVESTMENT INCOME AND EXPENSES
Security transactions are accounted for on the date the securities are
purchased or sold. Dividend income is recorded on the ex-dividend date.
Interest income and expenses are recorded on an accrual basis.
Most expenses of the Corporation can be attributed to a specific fund.
Expenses which cannot be directly attributed are apportioned among the funds
in the Corporation.
FEDERAL INCOME TAXES
The Fund's policy is to comply with the provisions of the Internal
Revenue Code applicable to regulated investment companies. The Fund is not
subject to federal income or excise tax to the extent the Fund distributes
to shareholders each year its taxable income, including any net realized
gains on investments in accordance with requirements of the Internal Revenue
Code. Accordingly, no provision for federal income taxes has been made in
the financial statements.
9
<PAGE>
NOTES TO FINANCIAL STATEMENTS
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
The Fund uses the identified cost method for determining realized gain or
loss on investments for both financial statement and federal income tax
reporting purposes.
DISTRIBUTION OF INCOME AND GAINS
Distributions to shareholders of net investment income are made
semi-annually. Distributions are recorded on the ex-dividend date.
Distributions of net realized gains are distributed annually. An additional
distribution may be necessary to avoid taxation of the Fund.
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 Fund may
periodically make reclassification among its capital accounts without
impacting the Fund's net asset value.
3. TRANSACTIONS WITH AFFILIATES
The Fund has an investment advisory agreement with Manning & Napier
Advisors, Inc. (the "Advisor"), for which the Fund pays the Advisor a fee,
computed daily and payable monthly, at an annual rate of 0.80% of the
Fund's average daily net assets. The fee amounted to $1,011 for the four
months ended February 29, 1996.
Under the Fund's Investment Advisory Agreement (the "Agreement"),
personnel of the Advisor provide the Fund with advice and assistance in the
choice of investments and the execution of securities transactions, and
otherwise maintain the Fund's organization. The Advisor also provides the
Fund with necessary office space and portfolio accounting and bookkeeping
services. The salaries of all officers of the Fund and of all Directors who
are "affiliated persons" of the Fund or of the Advisor, and all personnel of
the Fund or of the Advisor performing services relating to research,
statistical and investment activities are paid by the Advisor.
The Advisor also acts as the transfer, dividend paying and shareholder
servicing agent for the Fund. For these services, the Fund pays a fee which
is calculated as a percentage of the average daily net assets at an annual
rate of 0.024% and amounted to $30 for the four months ended February 29,
1996.
10
<PAGE>
NOTES TO FINANCIAL STATEMENTS
3. TRANSACTIONS WITH AFFILIATES (continued)
The Advisor has voluntarily agreed to waive its fee and, if necessary,
pay other expenses of the Fund in order to maintain total expenses for the
Fund at no more than 1.00% of average daily net assets each year.
Accordingly, the Advisor did not impose any of its fee and paid expenses
amounting to $4,971 for the four months ended February 29, 1996, which is
reflected as a reduction of expenses on the statement of operations. The
fee waiver and assumption of expenses by the Advisor is voluntary and may be
terminated at any time.
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 Fund.
The compensation of the non-affiliated Directors totaled $2,325 for the
four months ended February 29, 1996.
4. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities, other than short-term securities, were
$390,766 and $22,746, respectively, for the four months ended February 29,
1996.
5. CAPITAL STOCK TRANSACTIONS
<TABLE>
<CAPTION>
Transactions in shares of Defensive Series Class E Common Stock were:
For the Four Months
Ended 2/29/96
Shares Amount
--------------- -----------
<S> <C> <C>
Sold 45,190 $453,842
Reinvested 197 1,994
Redeemed (60) (606)
Total 45,327 $455,230
</TABLE>
6. FINANCIAL INSTRUMENTS
The Fund may trade in financial instruments with off-balance sheet risk
in the normal course of its 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 Fund at February 29, 1996.
11
<PAGE>
<PAGE>
<PAGE>
Manning & Napier Fund, Inc.
MAXIMUM HORIZON SERIES
Interim Report
February 29, 1996
<PAGE>
Performance Update as of February 29, 1996
The value of a $10,000 investment in the Manning & Napier Fund, Inc.- Maximum
Horizon Series from its inception (11/1/95) to present (2/29/96) as compared
to the Standard & Poor's (S&P) 500 Total Return Index.1
<TABLE>
<CAPTION>
Manning & Napier Fund, Inc.
Maximum Horizon Series
Total Return
Growth of
Through $10,000 Average
2/29/96 Investment Cumulative Annual
<S> <C> <C> <C>
Inception2 $10,422 4.22% N/A
</TABLE>
<TABLE>
<CAPTION>
S & P 500 Total Return Index
Total Return
Growth of
Through $10,000 Average
2/29/96 Investment Cumulative Annual
<S> <C> <C> <C>
Inception2 $11,104 11.04% N/A
</TABLE>
1The Standard and 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 the Over-The-Counter
Market. S&P 500 Total Return Index assumes reinvestment of income and, unlike
Fund returns, does not reflect any fees or expenses.
2The Fund and Index performance numbers are calculated from November 1,
1995, the Fund's inception date. The Fund's performance is historical and may
not be indicative of future results.
[GRAPHIC]
LINE CHART
Data for Line Chart to follow:
<TABLE>
<CAPTION>
Manning & Napier S&P 500
Maximum Horizon Total Return
Series Index
<S> <C> <C>
1-Nov-95* $10,000 $10,000
30-Nov-95 10,220 10,439
31-Dec-95 10,351 10,640
31-Jan-96 10,492 11,001
29-Feb-96 10,422 11,104
</TABLE>
* Inception date
1
<PAGE>
<TABLE>
<CAPTION>
INVESTMENT PORTFOLIO - FEBRUARY 29, 1996
Value
Shares (Note 2)
<S> <C> <C>
COMMON STOCK - 47.6%
AIR COURIER SERVICES - 2.9%
Federal Express Corp.* 100 $ 7,400
APPAREL - 4.2%
VF Corp. 200 10,750
CHEMICALS & ALLIED PRODUCTS - 2.8%
Biological Products - 0.6%
Alliance Pharmaceutical Corp.* 100 1,675
Household Products - 1.6%
Procter & Gamble Co. 50 4,100
Industrial Organic Chemicals - 0.6%
International Specialty Products, Inc. 125 1,547
7,322
CRUDE PETROLEUM & NATURAL GAS - 4.5%
Burlington Resources, Inc. 150 5,456
Seagull Energy Corp.* 225 4,247
YPF Sociedad Anonima 100 1,938
11,641
ELECTRONICS & ELECTRICAL EQUIPMENT - 9.0%
Household Appliances - 3.5%
Sunbeam Corporation, Inc. 300 4,837
Whirlpool Corp. 75 4,172
9,009
Semiconductors - 2.3%
Intel Corp. 100 5,881
Telecommunication Equipment- 3.2%
General Instrument Corp.* 300 8,175
23,065
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
INVESTMENT PORTFOLIO - FEBRUARY 29, 1996
Value
Shares (Note 2)
ENGINEERING SERVICES - 0.8%
Jacobs Engineering Group, Inc.* 75 $ 2,137
GLASS PRODUCTS - 1.3%
Corning, Inc. 100 3,250
HEALTH SERVICES - 2.7%
Caremark International, Inc. 275 7,013
PHOTOGRAPHIC EQUIPMENT & SUPPLIES - 1.4%
Eastman Kodak Co. 50 3,575
RESTAURANTS - 2.4%
McDonald's Corp. 125 6,250
RETAIL - 7.5%
Retail - Shoe Stores - 0.8%
Brown Group, Inc. 175 2,165
Retail - Specialty Stores - 6.7%
Fabri-Centers of America - Class A* 125 1,531
Fabri-Centers of America - Class B* 125 1,484
Fingerhut Companies, Inc. 300 4,163
Hancock Fabrics, Inc. 150 1,425
Home Depot, Inc. 200 8,650
17,253
19,418
TELEPHONE COMMUNICATIONS - 5.9%
BCE, Inc. 125 4,344
Cable & Wireless Plc - ADR 175 3,544
Telefonica de Espana - ADR 150 7,369
15,257
UTILITIES - ELECTRIC - 2.2%
Enersis S.A. - ADR 200 5,675
TOTAL COMMON STOCK
(Identified Cost $115,247) 122,753
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
INVESTMENT PORTFOLIO - FEBRUARY 29, 1996
Principal Value
Amount (Note 2)
U.S. GOVERNMENT SECURITIES - 3.9%
Fannie Mae Discount Note, 3/19/1996
(Identified Cost $9,974) 10,000 $ 9,974
U.S. TREASURY SECURITIES - 67.2%
U.S. TREASURY BONDS - 22.3%
U.S. Treasury Bond, 6.875%, 8/15/2025
(Identified Cost $60,108) 55,000 57,320
U.S. TREASURY NOTES - 31.4%
U.S. Treasury Note, 5.275%, 11/30/1997 30,000 29,953
U.S. Treasury Note, 6.125%, 9/30/2000 25,000 25,352
U.S. Treasury Note, 6.50%, 8/15/2005 25,000 25,586
TOTAL U.S. TREASURY NOTES (Identified Cost $81,969) 80,891
U.S. TREASURY BILLS - 13.5%
U.S. Treasury Bill, 3/21/1996 10,000 9,976
U.S. Treasury Bill, 3/28/1996 15,000 14,950
U.S. Treasury Bill, 4/4/1996 10,000 9,952
TOTAL U.S. TREASURY BILLS (Identified Cost $34,878) 34,878
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $176,955) 173,089
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
INVESTMENT PORTFOLIO - FEBRUARY 29, 1996
Value
Shares (Note 2)
SHORT-TERM INVESTMENTS - 2.9%
Dreyfus U.S. Treasury Money Market Reserves
(Identified Cost $7,464) 7,464 $ 7,464
TOTAL INVESTMENTS -
(Identified Cost $309,640) 313,280
LIABILITIES, LESS OTHER ASSETS - (21.6)% (55,645)
NET ASSETS - 100% $257,635
* Non-income producing security
</TABLE>
<TABLE>
<CAPTION>
Federal Tax Information:
At February 29, 1996, the net unrealized appreciation based on identified cost
for federal income tax purposes of $309,640 was as follows:
<S> <C>
Aggregate gross unrealized appreciation for all investments
in which there was an excess of value over tax cost $ 9,252
Aggregate gross unrealized depreciation for all investments
in which there was an excess of tax cost over value (5,612)
Unrealized appreciation - net $ 3,640
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
February 29, 1996
<S> <C>
ASSETS:
Investments, at value (Identified cost $309,640) (Note 2) $313,280
Cash 20
Interest receivable 1,267
Dividends receivable 102
Due from investment advisor (Note 3) 5,297
TOTAL ASSETS 319,966
LIABILITIES:
Accrued Directors' fees (Note 3) 2,325
Payable for fund shares redeemed 53,240
Payable for securities purchased 4,550
Transfer agent fees payable (Note 3) 16
Other payables and accrued expenses 2,200
TOTAL LIABILITIES 62,331
NET ASSETS FOR 24,858 SHARES OUTSTANDING $257,635
NET ASSETS CONSIST OF:
Capital stock $ 249
Additional paid - in - capital 251,829
Undistributed net investment income 1,146
Accumulated net realized gains on investments 771
Net unrealized appreciation on investments 3,640
TOTAL NET ASSETS $257,635
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
($257,635/24,858 shares) $ 10.36
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
<TABLE>
<CAPTION>
Statement of Operations
For the Four Months Ended February 29, 1996
<S> <C>
INVESTMENT INCOME
Interest $ 2,188
Dividends 400
Total Investment Income 2,588
EXPENSES:
Management fees (Note 3) 661
Directors fees (Note 3) 2,325
Transfer agent fees (Note 3) 16
Audit fee 2,630
Custodian fees 601
Miscellaneous 527
Total Expenses 6,760
Less Waiver of Expenses (Note 3) (5,958)
Net Expenses 802
NET INVESTMENT INCOME 1,786
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain on investments (identified cost basis) 771
Net change in unrealized appreciation on investments 3,640
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS 4,411
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 6,197
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
For the
Four Months
Ended
2/29/96
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 1,786
Net realized gain on investments 771
Net change in unrealized appreciation (depreciation) 3,640
on investments
Net increase in net assets from operations 6,197
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (640)
CAPITAL STOCK ISSUED AND REDEEMED:
Net increase in net assets from capital share
transactions (Note 5) 252,078
Net increase in net assets 257,635
NET ASSETS:
Beginning of period -
End of period (including undistributed net investment
income of $1,146) $257,635
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
<TABLE>
<CAPTION>
Financial Highlights
For the
Four Months
Ended
2/29/96
Per share data ( for a share outstanding
throughout each period):
<S> <C>
Net asset value -- Beginning of period $10.00
Income from investment operations:
Net investment income 0.097
Net realized and unrealized gain (loss) on
investments 0.314
Total from investment operations 0.411
Less distributions declared to shareholders:
From net investment income (0.051)
Net asset value - End of period $10.36
Total return1 4.22%
Ratios (to average net assets)/Supplemental Data:
Expenses* 1.20%2
Net investment income* 2.67%2
Portfolio turnover 12%
Average commission rate paid $0.0937
Net Assets - End of period (000's omitted) $258
*The investment advisor did not impose its management fee and paid a portion
of the Funds expenses. If these expenses had been incurred by the Fund,
expenses would have been limited to that required by state securities law.
If the full expenses had been incurred by the Fund,the net investment
income per share and the ratios would be as follows:
Net investment income $0.050
Ratios (to average net assets):
Expenses 2.50%2
Net Investment Income 1.37%2
</TABLE>
1Represents aggregate total return for the period indicated.
2Annualized.
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION
Maximum Horizon Series (the "Fund") is a no-load diversified series of
Manning & Napier Fund, Inc. (the "Corporation"). The Corporation is
organized as a Maryland Corporation and is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment
company.
Shares of the Fund are offered to investors, employees and clients of
Manning & Napier Advisors, Inc. (the "Advisor") and its affiliates. The
total authorized capital stock of the Corporation consists of one billion
shares of common stock each having a par value of $0.01. As of February 29,
1996, 760 million shares have been designated in total among 19 series, of
which 100 million have been designated as Maximum Horizon Series Class B
Common Stock.
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.
Debt securities, including government bonds and mortgage backed
securities, will normally be valued on the basis of evaluated bid prices.
Securities for which representative prices are not available from the
Fund's pricing service are valued at fair value as determined in good faith
by the Fund's Board of Directors.
Short-term investments that mature in sixty (60) days or less are valued
at amortized cost.
SECURITY TRANSACTIONS, INVESTMENT INCOME AND EXPENSES
Security transactions are accounted for on the date the securities are
purchased or sold. Dividend income is recorded on the ex-dividend date.
Interest income and expenses are recorded on an accrual basis.
Most expenses of the Corporation can be attributed to a specific fund.
Expenses which cannot be directly attributed are apportioned among the funds
in the Corporation.
FEDERAL INCOME TAXES
The Fund's policy is to comply with the provisions of the Internal
Revenue Code applicable to regulated investment companies. The Fund is not
subject to federal income or excise tax to the extent the Fund distributes
to shareholders each year its taxable income, including any net realized
gains on investments in accordance with requirements of the Internal Revenue
Code. Accordingly, no provision for federal income taxes has been made in
the financial statements.
10
<PAGE>
NOTES TO FINANCIAL STATEMENTS
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
The Fund uses the identified cost method for determining realized gain or
loss on investments for both financial statement and federal income tax
reporting purposes.
DISTRIBUTION OF INCOME AND GAINS
Distributions to shareholders of net investment income are made
semi-annually. Distributions are recorded on the ex-dividend date.
Distributions of net realized gains are distributed annually. An additional
distribution may be necessary to avoid taxation of the Fund.
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 Fund may
periodically make reclassification among its capital accounts without
impacting the Fund's net asset value.
3. TRANSACTIONS WITH AFFILIATES
The Fund has an investment advisory agreement with Manning & Napier
Advisors, Inc. (the "Advisor"), for which the Fund pays the Advisor a fee,
computed daily and payable monthly, at an annual rate of 1% of the Fund's
average daily net assets. The fee amounted to $661 for the four
months ended February 29, 1996.
Under the Fund's Investment Advisory Agreement (the "Agreement"),
personnel of the Advisor provide the Fund with advice and assistance in the
choice of investments and the execution of securities transactions, and
otherwise maintain the Fund's organization. The Advisor also provides the
Fund with necessary office space and portfolio accounting and bookkeeping
services. The salaries of all officers of the Fund and of all Directors who
are "affiliated persons" of the Fund or of the Advisor, and all personnel of
the Fund or of the Advisor performing services relating to research,
statistical and investment activities are paid by the Advisor.
The Advisor also acts as the transfer, dividend paying and shareholder
servicing agent for the Fund. For these services, the Fund pays a fee which
is calculated as a percentage of the average daily net assets at an annual
rate of 0.024% and amounted to $16 or the four months ended February 29,
1996.
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS
3. TRANSACTIONS WITH AFFILIATES (continued)
The Advisor has voluntarily agreed to waive its fee and, if necessary,
pay other expenses of the Fund in order to maintain total expenses for the
Fund at no more than 1.20% of average daily net assets each year.
Accordingly, the Advisor did not impose any of its fee and paid expenses
amounting to $5,297 for the four months ended February 29, 1996, which is
reflected as a reduction of expenses on the statement of operations. The
fee waiver and assumption of expenses by the Advisor is voluntary and may be
terminated at any time.
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 Fund.
The compensation of the non-affiliated Directors totaled $2,325 for the
four months ended February 29, 1996.
4. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities, other than short-term securities, were
$279,981 and $23,338, respectively, for the four months ended February 29,
1996.
5. CAPITAL STOCK TRANSACTIONS
<TABLE>
<CAPTION>
Transactions in shares of Maximum Horizon Series Class B Common Stock
were:
For the Four Months
Ended 2/29/96
Shares Amount
--------------- -----------
<S> <C> <C>
Sold 29,930 $304,678
Reinvested 62 640
Redeemed (5,134) (53,240)
Total 24,858 $252,078
</TABLE>
6. FINANCIAL INSTRUMENTS
The Fund may trade in financial instruments with off-balance sheet risk
in the normal course of its 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 Fund at February 29, 1996.
12
<PAGE>
<PAGE>
<PAGE>
Manning & Napier Fund, Inc.
TAX MANAGED SERIES
Interim Report
February 29, 1996
<PAGE>
Performance Update as of February 29, 1996
The value of a $10,000 investment in the Manning & Napier Fund, Inc.- Tax
Managed Series from its inception (11/1/95) to present (2/29/96) as compared
to the Standard & Poor's (S&P) 500 Total Return Index and the Russell 2000 Total
Return Index.1
<TABLE>
<CAPTION>
Manning & Napier Fund, Inc.
Tax Managed Series
Total Return
Growth of
Through $10,000 Average
2/29/96 Investment Cumulative Annual
<S> <C> <C> <C>
Inception2 $10,400 4.10% N/A
</TABLE>
<TABLE>
<CAPTION>
S & P 500 Total Return Index
Total Return
Growth of
Through $10,000 Average
2/29/96 Investment Cumulative Annual
<S> <C> <C> <C>
Inception2 $11,104 11.04% N/A
</TABLE>
<TABLE>
<CAPTION>
Russell 2000 Total Return Index
Total Return
Growth of
Through $10,000 Average
2/29/96 Investment Cumulative Annual
<S> <C> <C> <C>
Inception2 $11,016 10.16% N/A
</TABLE>
1The 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 the Over-The-Counter
Market. The Russell 2000 Index is an unmanaged capitalization-weighted
measure of the bottom two-thirds of the largest 3,000 publicly traded
companies domiciled in the United States. Both Indices' returns assume
reinvestment of income and, unlike Fund returns, do not reflect any fees or
expenses.
2The Fund and Indices performance numbers are calculated from November 1,
1995, the Fund's inception date. The Fund's performance is historical and may
not be indicative of future results.
[GRAPHIC]
LINE CHART
Data for Line Chart to follow:
<TABLE>
<CAPTION>
Manning & Napier S&P 500 Russell 2000
Tax Managed Total Return Total Return
Series Index Index
<S> <C> <C> <C>
1-Nov-95* $ 10,000 $ 10,000 $ 10,000
30-Nov-95 10,090 10,439 10,420
31-Dec-95 10,010 10,640 10,695
31-Jan-96 10,100 11,001 10,683
29-Feb-96 10,410 11,104 11,016
</TABLE>
* Inception date
1
<PAGE>
<TABLE>
<CAPTION>
INVESTMENT PORTFOLIO - FEBRUARY 29, 1996
Value
Shares (Note 2)
<S> <C> <C>
COMMON STOCK - 122.8%
AIR COURIER SERVICES - 4.5%
Federal Express Corp.* 100 $ 7,400
AMUSEMENT & RECREATIONAL SERVICES - 0.9%
Mountasia Entertainment International, Inc.* 475 1,544
APPAREL - 4.9%
VF Corp. 150 8,062
CHEMICALS & ALLIED PRODUCTS - 10.5%
Biological Products - 3.3%
Alliance Pharmaceutical Corp.* 325 5,444
Household Products - 7.2%
Colgate-Palmolive Co. 100 7,825
Procter & Gamble Co. 50 4,100
11,925
17,369
COMMUNICATIONS - 4.3%
Children's Broadcasting Corp.* 237 2,252
Telefonica de Espana - ADR 100 4,912
7,164
ELECTRONICS & ELECTRICAL EQUIPMENT - 24.3%
Electronic Components - 1.2%
Planar Systems, Inc.* 150 2,044
Lighting Equipment - 2.7%
Coleman Company, Inc.* 100 4,375
Household Appliances - 6.4%
Sunbeam Corporation, Inc. 400 6,450
Whirlpool Corp. 75 4,172
10,622
Semiconductors - 5.3%
Intel Corp. 150 8,822
Telecommunications Equipment - 8.7%
BroadBand Technologies, Inc.* 250 6,125
General Instrument Corp.* 300 8,175
14,300
40,163
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
INVESTMENT PORTFOLIO - FEBRUARY 29, 1996
Value
Shares (Note 2)
FABRICATED METAL PRODUCTS - 2.0%
Material Sciences Corp.* 225 $ 3,234
FOOD - 1.1%
Grist Mill Co.* 275 1,822
GLASS PRODUCTS - 1.7%
Libbey, Inc. 125 2,812
HEALTH SERVICES - 12.7%
Caremark International, Inc. 450 11,475
Health Management, Inc.* 375 1,313
Quantum Health Resources, Inc.* 250 2,688
Rehabcare Group, Inc.* 175 3,041
U.S. Physical Therapy, Inc.* 225 2,531
21,048
OFFICE & BUSINESS EQUIPMENT - 3.1%
BT Office Products International, Inc.* 250 5,094
PLASTIC PRODUCTS - 1.2%
Carlisle Plastics, Inc.* 475 1,959
PRIMARY METAL INDUSTRIES - 1.6%
Gibraltar Steel Corp.* 200 2,700
PRINTING & PUBLISHING - 1.9%
Playboy Enterprises, Inc. - Class B* 300 3,225
PRINTING TRADES EQUIPMENT - 2.5%
Scitex Corp. 250 4,156
RESTAURANTS - 7.1%
McDonald's Corp. 175 8,750
Quantum Restaurant Group, Inc.* 200 2,925
11,675
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
INVESTMENT PORTFOLIO - FEBRUARY 29, 1996
Value
Shares (Note 2)
RETAIL - 18.6%
Retail - Specialty Stores - 15.7%
Fingerhut Companies, Inc. 550 $ 7,631
Gander Mountain, Inc.* 550 2,887
Home Depot, Inc. 175 7,569
Michael's Stores, Inc.* 375 4,547
Pier 1 Imports, Inc. 250 3,313
25,947
Retail - Variety Stores - 2.9%
Family Dollar Stores, Inc. 350 4,813
30,760
SOFTWARE - 13.8%
Black Box Corp.* 300 5,175
Borland International, Inc.* 400 7,750
Caere Corp.* 475 3,919
Symantec Corp.* 475 6,056
22,900
SURGICAL & MEDICAL INSTRUMENTS - 0.9%
Allied Healthcare Products, Inc. 125 1,562
TEXTILES - 2.6%
Fieldcrest Cannon, Inc.* 225 4,219
UTILITIES - ELECTRIC - 2.6%
Enersis S.A. - ADR 150 4,256
TOTAL COMMON STOCK (Identified Cost $193,185) 203,124
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
INVESTMENT PORTFOLIO - FEBRUARY 29, 1996
Value
Shares (Note 2)
SHORT-TERM INVESTMENTS - 2.1%
Dreyfus U.S. Treasury Money Market Reserves
(Identified Cost $3,522) 3,522 $ 3,522
TOTAL INVESTMENTS -
(Identified Cost $196,707) 206,646
LIABILITIES, LESS OTHER ASSETS - (24.9)% (41,215)
NET ASSETS - 100% $165,431
* Non-income producing security
</TABLE>
<TABLE>
<CAPTION>
Federal Tax Information:
At February 29, 1996, the net unrealized appreciation based on identified cost
for federal income tax purposes of $196,707 was as follows:
<S> <C>
Aggregate gross unrealized appreciation for all investments
in which there was an excess of value over tax cost $ 21,824
Aggregate gross unrealized depreciation for all investments
in which there was an excess of tax cost over value (11,885)
Unrealized appreciation - net $ 9,939
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
February 29, 1996
<S> <C>
ASSETS:
Investments, at value (Identified cost $196,707) (Note 2) $206,646
Dividends receivable 66
Receivable from investment advisor (Note 3) 5,528
TOTAL ASSETS 212,240
LIABILITIES:
Accrued Directors' fees (Note 3) 2,325
Payable for fund shares redeemed 42,063
Transfer agent fees payable (Note 3) 13
Audit fee payable 2,355
Other payables and accrued expenses 53
TOTAL LIABILITIES 46,809
NET ASSETS FOR 15,899 SHARES OUTSTANDING $165,431
NET ASSETS CONSIST OF:
Capital stock $ 159
Additional paid - in - capital 156,590
Accumulated net investment loss (114)
Accumulated net realized loss on investments (1,143)
Net unrealized appreciation on investments 9,939
TOTAL NET ASSETS $165,431
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
($165,431/15,899 shares) $ 10.41
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
<TABLE>
<CAPTION>
Statement of Operations
For the Four Months Ended February 29, 1996
<S> <C>
INVESTMENT INCOME
Interest $ 161
Dividends 365
Total Investment Income 526
EXPENSES:
Management fees (Note 3) 529
Directors fees (Note 3) 2,325
Transfer agent fees (Note 3) 13
Audit fee 2,630
Custodian fees 678
Miscellaneous 522
Total Expenses 6,697
Less Waiver of Expenses (Note 3) (6,057)
Net Expenses 640
NET INVESTMENT LOSS (114)
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized loss on investments (identified cost basis) (1,143)
Net change in unrealized appreciation on investments 9,939
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS 8,796
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $8,682
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
For the
Four Months
Ended
2/29/96
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment loss $ (114)
Net realized loss on investments (1,143)
Net change in unrealized appreciation on investments 9,939
Net increase in net assets from operations 8,682
CAPITAL STOCK ISSUED AND REDEEMED:
Net increase in net assets from capital share
transactions (Note 5) 156,749
Net increase in net assets 165,431
NET ASSETS:
Beginning of period -
End of period (including undistributed net
investment loss of $(114)) $165,431
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
<TABLE>
<CAPTION>
Financial Highlights
For the
Four Months
Ended
2/29/96
Per share data ( for a share outstanding
throughout each period):
<S> <C>
Net asset value -- Beginning of period $10.00
Income from investment operations:
Net investment income (0.007)
Net realized and unrealized gain (loss) on
investments 0.417
Total from investment operations 0.410
Net asset value - End of period $10.41
Total return1 4.10%
Ratios (to average net assets)/Supplemental Data:
Expenses* 1.20%2
Net investment income* (0.21)%2
Portfolio turnover 6%
Average commission rate paid $0.0735
Net Assets - End of period (000's omitted) $165
*The investment advisor did not impose its management fee and paid a portion
of the Funds expenses. If these expenses had been incurred by the Fund,
expenses would have been limited to that required by state securities law.
If the full expenses had been incurred by the Fund,the net investment
income per share and the ratios would be as follows:
Net investment income $(0.051)
Ratios (to average net assets):
Expenses 2.50%2
Net Investment Income (1.52)%2
</TABLE>
1Represents aggregate total return for the period indicated.
2Annualized.
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION
Tax Managed Series (the "Fund") is a no-load diversified series of
Manning & Napier Fund, Inc. (the "Corporation"). The Corporation is
organized as a Maryland Corporation and is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment
company.
Shares of the Fund are offered to investors, employees and clients of
Manning & Napier Advisors, Inc. (the "Advisor") and its affiliates. The
total authorized capital stock of the Corporation consists of one billion
shares of common stock each having a par value of $0.01. As of February 29,
1996, 760 million shares have been designated in total among 19 series, of
which 20 million have been designated as Tax Managed Series Class H
Common Stock.
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.
Debt securities, including government bonds and mortgage backed
securities, will normally be valued on the basis of evaluated bid prices.
Securities for which representative prices are not available from the
Fund's pricing service are valued at fair value as determined in good faith
by the Fund's Board of Directors.
Short-term investments that mature in sixty (60) days or less are valued
at amortized cost.
SECURITY TRANSACTIONS, INVESTMENT INCOME AND EXPENSES
Security transactions are accounted for on the date the securities are
purchased or sold. Dividend income is recorded on the ex-dividend date.
Interest income and expenses are recorded on an accrual basis.
Most expenses of the Corporation can be attributed to a specific fund.
Expenses which cannot be directly attributed are apportioned among the funds
in the Corporation.
FEDERAL INCOME TAXES
The Fund's policy is to comply with the provisions of the Internal
Revenue Code applicable to regulated investment companies. The Fund is not
subject to federal income or excise tax to the extent the Fund distributes
to shareholders each year its taxable income, including any net realized
gains on investments in accordance with requirements of the Internal Revenue
Code. Accordingly, no provision for federal income taxes has been made in
the financial statements.
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
The Fund uses the identified cost method for determining realized gain or
loss on investments for both financial statement and federal income tax
reporting purposes.
DISTRIBUTION OF INCOME AND GAINS
While the Fund seeks to minimize taxable distributions, the Fund may earn
taxable income and gains that will be distributed to shareholders.
Distributions to shareholders of net investment income are made
annually. Distributions are recorded on the ex-dividend date.
Distributions of net realized gains are distributed annually. An additional
distribution may be necessary to avoid taxation of the Fund.
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 Fund may
periodically make reclassification among its capital accounts without
impacting the Fund's net asset value.
3. TRANSACTIONS WITH AFFILIATES
The Fund has an investment advisory agreement with Manning & Napier
Advisors, Inc. (the "Advisor"), for which the Fund pays the Advisor a fee,
computed daily and payable monthly, at an annual rate of 1% of the Fund's
average daily net assets. The fee amounted to $529 for the four
months ended February 29, 1996.
Under the Fund's Investment Advisory Agreement (the "Agreement"),
personnel of the Advisor provide the Fund with advice and assistance in the
choice of investments and the execution of securities transactions, and
otherwise maintain the Fund's organization. The Advisor also provides the
Fund with necessary office space and portfolio accounting and bookkeeping
services. The salaries of all officers of the Fund and of all Directors who
are "affiliated persons" of the Fund or of the Advisor, and all personnel of
the Fund or of the Advisor performing services relating to research,
statistical and investment activities are paid by the Advisor.
The Advisor also acts as the transfer, dividend paying and shareholder
servicing agent for the Fund. For these services, the Fund pays a fee which
is calculated as a percentage of the average daily net assets at an annual
rate of 0.024% and amounted to $13 for the four months ended
February 29, 1996.
12
<PAGE>
NOTES TO FINANCIAL STATEMENTS
3. TRANSACTIONS WITH AFFILIATES (continued)
The Advisor has voluntarily agreed to waive its fee and, if necessary,
pay other expenses of the Fund in order to maintain total expenses for the
Fund at no more than 1.20% of average daily net assets each year.
Accordingly, the Advisor did not impose any of its fee and paid expenses
amounting to $5,528 for the four months ended February 29, 1996, which is
reflected as a reduction of expenses on the statement of operations. The
fee waiver and assumption of expenses by the Advisor is voluntary and may be
terminated at any time.
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 Fund.
The compensation of the non-affiliated Directors totaled $2,325 for the
four months ended February 29, 1996.
4. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities, other than short-term securities, were
$203,524 and $9,202, respectively, for the four months ended February 29,
1996.
5. CAPITAL STOCK TRANSACTIONS
<TABLE>
<CAPTION>
Transactions in shares of Tax Managed Series Class H Common Stock
were:
For the Four Months
Ended 2/29/96
Shares Amount
--------------- -----------
<S> <C> <C>
Sold 19,943 $198,812
Redeemed (4,044) (42,063)
Total 15,899 $156,749
</TABLE>
6. FINANCIAL INSTRUMENTS
The Fund may trade in financial instruments with off-balance sheet risk
in the normal course of its 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 Fund at February 29, 1996.
13
<PAGE>
PART C
Part C is hereby incorporated by reference to the Registration Statement on
Form N-1A filed on March 6, 1996.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this Registration Statement pursuant to
Rule 485(b) under the Securities Act of 1933 and has duly caused this
Post-Effective Amendment No. 23 to the Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the
City of Rochester and State of New York on the 30th day of April, 1996.
Manning & Napier Fund, Inc.
(Registrant)
By:/s/William Manning
William Manning
President
Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment No. 23 to the Registration Statement has been
signed below by the following persons in the capacities and on the date
indicated.
<TABLE>
<CAPTION>
<S> <C> <C>
- -----------------------
Signature Title Date
- ----------------------- ------------------------------------- -------
/s/William Manning Principal Executive 4/30/96
- ----------------------- -------
William Manning Officer
/s/B. Reuben Auspitz Director and Officer 4/30/96
- ----------------------- -------
B. Reuben Auspitz
/s/Martin F. Birmingham Director 4/30/96
- ----------------------- -------
Martin F. Birmingham
/s/Harris H. Rusitzky Director 4/30/96
- ----------------------- -------
Harris H. Rusitzky
/s/Peter L. Faber Director 4/30/96
- ----------------------- -------
Peter L. Faber
/s/Stephen B. Ashley Director 4/30/96
- ----------------------- -------
Stephen B. Ashley
/s/Timothy P. Mullaney Chief Financial & 4/30/96
- ----------------------- Accounting Officer, -------
Timothy P. Mullaney Treasurer
</TABLE>
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<CAPTION>
<S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 0000751173
<NAME> MANNING & NAPIER FUND, INC.
<SERIES>
<NAME> DEFENSIVE SERIES
<NUMBER> 2
<MULTIPLIER> 1
<CURRENCY> 1
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> FEB-29-1996
<PERIOD-TYPE> OTHER
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 456903
<INVESTMENTS-AT-VALUE> 454485
<RECEIVABLES> 8851
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 463336
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4772
<TOTAL-LIABILITIES> 4772
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 455230
<SHARES-COMMON-STOCK> 45327
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2949
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2803
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2418)
<NET-ASSETS> 458564
<DIVIDEND-INCOME> 224
<INTEREST-INCOME> 5992
<OTHER-INCOME> 0
<EXPENSES-NET> 1273
<NET-INVESTMENT-INCOME> 4943
<REALIZED-GAINS-CURRENT> 2803
<APPREC-INCREASE-CURRENT> (2418)
<NET-CHANGE-FROM-OPS> 5328
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1994
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45190
<NUMBER-OF-SHARES-REDEEMED> 60
<SHARES-REINVESTED> 197
<NET-CHANGE-IN-ASSETS> 458564
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1011
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7255
<AVERAGE-NET-ASSETS> 385884
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 0.06
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.12
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<CAPTION>
<S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 0000751173
<NAME> MANNING & NAPIER FUND, INC.
<SERIES>
<NAME> MAXIMUM HORIZON SERIES
[NUMBER] 5
<MULTIPLIER> 1
<CURRENCY> 1
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> FEB-29-1996
<PERIOD-TYPE> OTHER
<EXCHANGE-RATE> 1
[INVESTMENTS-AT-COST] 309640
[INVESTMENTS-AT-VALUE] 313280
[RECEIVABLES] 6666
[ASSETS-OTHER] 20
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 319966
[PAYABLE-FOR-SECURITIES] 4550
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 57781
[TOTAL-LIABILITIES] 62331
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 252078
[SHARES-COMMON-STOCK] 24858
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 1146
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 771
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 3640
[NET-ASSETS] 257635
[DIVIDEND-INCOME] 400
[INTEREST-INCOME] 2188
[OTHER-INCOME] 0
[EXPENSES-NET] 802
[NET-INVESTMENT-INCOME] 1786
[REALIZED-GAINS-CURRENT] 771
[APPREC-INCREASE-CURRENT] 3640
[NET-CHANGE-FROM-OPS] 6197
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 640
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 29930
[NUMBER-OF-SHARES-REDEEMED] 5134
[SHARES-REINVESTED] 62
[NET-CHANGE-IN-ASSETS] 257635
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 661
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 6760
[AVERAGE-NET-ASSETS] 202642
[PER-SHARE-NAV-BEGIN] 10.00
[PER-SHARE-NII] 0.10
[PER-SHARE-GAIN-APPREC] 0.31
[PER-SHARE-DIVIDEND] 0.05
[PER-SHARE-DISTRIBUTIONS] 0.00
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 10.36
[EXPENSE-RATIO] 1.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<CAPTION>
<S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 0000751173
<NAME> MANNING & NAPIER FUND, INC.
<SERIES>
<NAME> TAX MANAGED SERIES
[NUMBER] 8
<MULTIPLIER> 1
<CURRENCY> 1
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> FEB-29-1996
<PERIOD-TYPE> OTHER
<EXCHANGE-RATE> 1
[INVESTMENTS-AT-COST] 196707
[INVESTMENTS-AT-VALUE] 206646
[RECEIVABLES] 5594
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 212240
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 46809
[TOTAL-LIABILITIES] 46809
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 156749
[SHARES-COMMON-STOCK] 15899
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] (114)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (1143)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 9939
[NET-ASSETS] 165431
[DIVIDEND-INCOME] 365
[INTEREST-INCOME] 161
[OTHER-INCOME] 0
[EXPENSES-NET] 640
[NET-INVESTMENT-INCOME] (114)
[REALIZED-GAINS-CURRENT] (1143)
[APPREC-INCREASE-CURRENT] 9939
[NET-CHANGE-FROM-OPS] 8682
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 19943
[NUMBER-OF-SHARES-REDEEMED] 4044
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 165431
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 529
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 6697
[AVERAGE-NET-ASSETS] 161689
[PER-SHARE-NAV-BEGIN] 10.00
[PER-SHARE-NII] (0.01)
[PER-SHARE-GAIN-APPREC] 0.42
[PER-SHARE-DIVIDEND] 0.00
[PER-SHARE-DISTRIBUTIONS] 0.00
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 10.41
[EXPENSE-RATIO] 1.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
