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070 K011100 Y
070 K021100 Y
070 L011100 Y
070 L021100 Y
070 M011100 Y
070 M021100 Y
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 Y
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 Y
070 R021100 N
071 A001100 17341
071 B001100 11471
071 C001100 13563
071 D001100 85
072 A001100 10
072 B001100 556
072 C001100 41
072 D001100 0
072 E001100 0
072 F001100 122
072 G001100 0
072 H001100 0
072 I001100 3
072 J001100 7
072 K001100 0
072 L001100 0
072 M001100 5
072 N001100 7
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 12
072 S001100 0
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 4
072 X001100 160
072 Y001100 13
072 Z001100 450
072AA001100 300
072BB001100 0
072CC011100 106
<PAGE> PAGE 22
072CC021100 0
072DD011100 131
072DD021100 0
072EE001100 40
073 A011100 0.0920
073 A021100 0.0000
073 B001100 0.0280
073 C001100 0.0000
074 A001100 0
074 B001100 0
074 C001100 1594
074 D001100 11777
074 E001100 0
074 F001100 3577
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 0
074 L001100 175
074 M001100 739
074 N001100 17862
074 O001100 0
074 P001100 18
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 51
074 S001100 0
074 T001100 17793
074 U011100 1588
074 U021100 0
074 V011100 11.20
074 V021100 0.00
074 W001100 0.0000
074 X001100 292
074 Y001100 0
075 A001100 0
075 B001100 14388
076 001100 0.00
013 A001201 DELOITTE & TOUCHE LLP
013 B011201 BOSTON
013 B021201 MA
013 B031201 02110
015 A001201 BOSTON SAFE DEPOSIT & TRUST COMPANY
015 B001201 C
015 C011201 MEDFORD
015 C021201 MA
015 C031201 02155
015 E011201 X
<PAGE> PAGE 23
028 A011200 1544
028 A021200 0
028 A031200 0
028 A041200 94
028 B011200 928
028 B021200 231
028 B031200 0
028 B041200 102
028 C011200 1071
028 C021200 0
028 C031200 0
028 C041200 106
028 D011200 677
028 D021200 0
028 D031200 0
028 D041200 173
028 E011200 590
028 E021200 0
028 E031200 0
028 E041200 986
028 F011200 1603
028 F021200 0
028 F031200 0
028 F041200 630
028 G011200 6413
028 G021200 231
028 G031200 0
028 G041200 2092
028 H001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 1.000
048 A011200 0
048 A021200 0.000
048 B011200 0
048 B021200 0.000
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
<PAGE> PAGE 24
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 Y
053 B001200 Y
053 C001200 N
058 A001200 N
059 001200 Y
060 A001200 Y
060 B001200 Y
061 001200 2000
062 A001200 N
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
066 A001200 Y
066 B001200 N
066 C001200 N
066 D001200 Y
066 E001200 N
066 F001200 N
066 G001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 N
070 B011200 Y
070 B021200 N
070 C011200 Y
070 C021200 N
<PAGE> PAGE 25
070 D011200 Y
070 D021200 N
070 E011200 N
070 E021200 N
070 F011200 Y
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 Y
070 M011200 Y
070 M021200 Y
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 Y
070 R021200 N
071 A001200 22107
071 B001200 14391
071 C001200 25178
071 D001200 57
072 A001200 10
072 B001200 712
072 C001200 126
072 D001200 0
072 E001200 0
072 F001200 226
072 G001200 0
072 H001200 0
072 I001200 5
072 J001200 9
072 K001200 0
072 L001200 0
072 M001200 5
072 N001200 9
072 O001200 0
072 P001200 0
072 Q001200 0
<PAGE> PAGE 26
072 R001200 12
072 S001200 0
072 T001200 0
072 U001200 0
072 V001200 0
072 W001200 9
072 X001200 275
072 Y001200 4
072 Z001200 567
072AA001200 1054
072BB001200 0
072CC011200 1210
072CC021200 0
072DD011200 92
072DD021200 0
072EE001200 139
073 A011200 0.0400
073 A021200 0.0000
073 B001200 0.0600
073 C001200 0.0000
074 A001200 251
074 B001200 0
074 C001200 2491
074 D001200 12631
074 E001200 0
074 F001200 16370
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 0
074 K001200 0
074 L001200 269
074 M001200 1049
074 N001200 33061
074 O001200 4
074 P001200 39
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 19
074 S001200 0
074 T001200 32999
074 U011200 2530
074 U021200 0
074 V011200 13.04
074 V021200 0.00
074 W001200 0.0000
074 X001200 726
074 Y001200 0
075 A001200 0
<PAGE> PAGE 27
075 B001200 27044
076 001200 0.00
013 A001301 DELOITTE & TOUCHE LLP
013 B011301 BOSTON
013 B021301 MA
013 B031301 02110
015 A001301 BOSTON SAFE DEPOSIT & TRUST COMPANY
015 B001301 C
015 C011301 MEDFORD
015 C021301 MA
015 C031301 02155
015 E011301 X
028 A011300 140
028 A021300 0
028 A031300 0
028 A041300 215
028 B011300 0
028 B021300 4
028 B031300 0
028 B041300 0
028 C011300 102
028 C021300 0
028 C031300 0
028 C041300 1
028 D011300 0
028 D021300 0
028 D031300 0
028 D041300 0
028 E011300 0
028 E021300 5
028 E031300 0
028 E041300 1
028 F011300 10
028 F021300 0
028 F031300 0
028 F041300 2
028 G011300 252
028 G021300 9
028 G031300 0
028 G041300 219
028 H001300 0
045 001300 Y
046 001300 N
047 001300 Y
048 001300 0.350
048 A011300 0
048 A021300 0.000
048 B011300 0
048 B021300 0.000
048 C011300 0
048 C021300 0.000
<PAGE> PAGE 28
048 D011300 0
048 D021300 0.000
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
048 G021300 0.000
048 H011300 0
048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
049 001300 N
050 001300 N
051 001300 N
052 001300 N
053 A001300 Y
053 B001300 Y
053 C001300 N
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 2000
062 A001300 Y
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 95.1
062 N001300 0.0
062 O001300 0.0
062 P001300 0.0
062 Q001300 0.0
062 R001300 0.0
063 A001300 0
063 B001300 3.0
064 A001300 N
064 B001300 N
066 A001300 N
<PAGE> PAGE 29
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 Y
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 N
070 D021300 N
070 E011300 N
070 E021300 N
070 F011300 N
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
070 K011300 Y
070 K021300 Y
070 L011300 Y
070 L021300 N
070 M011300 Y
070 M021300 N
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 Y
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 Y
070 R021300 N
071 A001300 331
071 B001300 132
071 C001300 369
071 D001300 36
072 A001300 10
072 B001300 18
072 C001300 0
072 D001300 0
072 E001300 0
072 F001300 1
072 G001300 0
<PAGE> PAGE 30
072 H001300 0
072 I001300 0
072 J001300 0
072 K001300 0
072 L001300 0
072 M001300 5
072 N001300 0
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 8
072 S001300 0
072 T001300 0
072 U001300 0
072 V001300 0
072 W001300 5
072 X001300 19
072 Y001300 17
072 Z001300 16
072AA001300 3
072BB001300 0
072CC011300 0
072CC021300 4
072DD011300 11
072DD021300 0
072EE001300 0
073 A011300 0.3000
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 0
074 B001300 0
074 C001300 0
074 D001300 469
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 16
074 L001300 3
074 M001300 23
074 N001300 511
074 O001300 0
074 P001300 0
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 18
<PAGE> PAGE 31
074 S001300 0
074 T001300 493
074 U011300 48
074 U021300 0
074 V011300 10.27
074 V021300 0.00
074 W001300 0.0000
074 X001300 21
074 Y001300 0
075 A001300 0
075 B001300 368
076 001300 0.00
013 A001401 DELOITTE & TOUCHE LLP
013 B011401 BOSTON
013 B021401 MA
013 B031401 02110
015 A001401 BOSTON SAFE DEPOSIT & TRUST COMPANY
015 B001401 C
015 C011401 MEDFORD
015 C021401 MA
015 C031401 02155
015 E011401 X
028 A011400 57
028 A021400 0
028 A031400 0
028 A041400 0
028 B011400 1
028 B021400 5
028 B031400 0
028 B041400 0
028 C011400 1
028 C021400 0
028 C031400 0
028 C041400 1
028 D011400 1
028 D021400 0
028 D031400 0
028 D041400 12
028 E011400 3
028 E021400 5
028 E031400 0
028 E041400 0
028 F011400 1
028 F021400 0
028 F031400 0
028 F041400 0
028 G011400 64
028 G021400 10
028 G031400 0
028 G041400 13
028 H001400 0
<PAGE> PAGE 32
045 001400 Y
046 001400 N
047 001400 Y
048 001400 0.450
048 A011400 0
048 A021400 0.000
048 B011400 0
048 B021400 0.000
048 C011400 0
048 C021400 0.000
048 D011400 0
048 D021400 0.000
048 E011400 0
048 E021400 0.000
048 F011400 0
048 F021400 0.000
048 G011400 0
048 G021400 0.000
048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 0
048 K021400 0.000
049 001400 N
050 001400 N
051 001400 N
052 001400 N
053 A001400 Y
053 B001400 Y
053 C001400 N
058 A001400 N
059 001400 Y
060 A001400 Y
060 B001400 Y
061 001400 2000
062 A001400 Y
062 B001400 0.0
062 C001400 0.0
062 D001400 0.0
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
062 L001400 0.0
062 M001400 96.1
<PAGE> PAGE 33
062 N001400 0.0
062 O001400 0.0
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
063 A001400 0
063 B001400 4.6
064 A001400 N
064 B001400 N
066 A001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 N
070 B011400 Y
070 B021400 N
070 C011400 Y
070 C021400 N
070 D011400 N
070 D021400 N
070 E011400 N
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 N
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 Y
070 L011400 Y
070 L021400 N
070 M011400 Y
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 Y
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 Y
070 R021400 N
071 A001400 64
<PAGE> PAGE 34
071 B001400 20
071 C001400 443
071 D001400 5
072 A001400 10
072 B001400 24
072 C001400 0
072 D001400 0
072 E001400 0
072 F001400 1
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072 H001400 0
072 I001400 0
072 J001400 0
072 K001400 0
072 L001400 0
072 M001400 5
072 N001400 4
072 O001400 0
072 P001400 0
072 Q001400 0
072 R001400 8
072 S001400 0
072 T001400 0
072 U001400 0
072 V001400 0
072 W001400 1
072 X001400 19
072 Y001400 16
072 Z001400 21
072AA001400 0
072BB001400 0
072CC011400 0
072CC021400 13
072DD011400 12
072DD021400 0
072EE001400 3
073 A011400 0.2700
073 A021400 0.0000
073 B001400 0.0600
073 C001400 0.0000
074 A001400 0
074 B001400 0
074 C001400 0
074 D001400 463
074 E001400 0
074 F001400 0
074 G001400 0
074 H001400 0
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074 K001400 15
<PAGE> PAGE 35
074 L001400 7
074 M001400 14
074 N001400 499
074 O001400 0
074 P001400 0
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074 R011400 0
074 R021400 0
074 R031400 0
074 R041400 18
074 S001400 0
074 T001400 481
074 U011400 48
074 U021400 0
074 V011400 10.10
074 V021400 0.00
074 W001400 0.0000
074 X001400 19
074 Y001400 0
075 A001400 0
075 B001400 450
076 001400 0.00
013 A001501 DELOITTE & TOUCHE LLP
013 B011501 BOSTON
013 B021501 MA
013 B031501 02110
015 A001501 BOSTON SAFE DEPOSIT & TRUST COMPANY
015 B001501 C
015 C011501 MEDFORD
015 C021501 MA
015 C031501 02155
015 E011501 X
028 A011500 12
028 A021500 0
028 A031500 0
028 A041500 8
028 B011500 2
028 B021500 10
028 B031500 0
028 B041500 10
028 C011500 5
028 C021500 0
028 C031500 0
028 C041500 5
028 D011500 4
028 D021500 0
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028 D041500 7
028 E011500 5
028 E021500 10
028 E031500 0
<PAGE> PAGE 36
028 E041500 3
028 F011500 2
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028 F041500 1
028 G011500 30
028 G021500 20
028 G031500 0
028 G041500 34
028 H001500 0
045 001500 Y
046 001500 N
047 001500 Y
048 001500 0.500
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048 B021500 0.000
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048 C021500 0.000
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048 D021500 0.000
048 E011500 0
048 E021500 0.000
048 F011500 0
048 F021500 0.000
048 G011500 0
048 G021500 0.000
048 H011500 0
048 H021500 0.000
048 I011500 0
048 I021500 0.000
048 J011500 0
048 J021500 0.000
048 K011500 0
048 K021500 0.000
049 001500 N
050 001500 N
051 001500 N
052 001500 N
053 A001500 Y
053 B001500 Y
053 C001500 N
058 A001500 N
059 001500 Y
060 A001500 Y
060 B001500 Y
061 001500 2000
062 A001500 Y
062 B001500 0.0
062 C001500 0.0
<PAGE> PAGE 37
062 D001500 0.0
062 E001500 0.0
062 F001500 0.0
062 G001500 0.0
062 H001500 0.0
062 I001500 0.0
062 J001500 0.0
062 K001500 0.0
062 L001500 0.0
062 M001500 90.8
062 N001500 6.3
062 O001500 0.0
062 P001500 0.0
062 Q001500 0.0
062 R001500 0.0
063 A001500 0
063 B001500 10.9
064 A001500 N
064 B001500 N
066 A001500 N
067 001500 N
068 A001500 N
068 B001500 N
069 001500 N
070 A011500 Y
070 A021500 N
070 B011500 Y
070 B021500 N
070 C011500 Y
070 C021500 N
070 D011500 N
070 D021500 N
070 E011500 N
070 E021500 N
070 F011500 N
070 F021500 N
070 G011500 Y
070 G021500 N
070 H011500 N
070 H021500 N
070 I011500 N
070 I021500 N
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 Y
070 L011500 Y
070 L021500 N
070 M011500 Y
070 M021500 N
070 N011500 Y
<PAGE> PAGE 38
070 N021500 N
070 O011500 Y
070 O021500 N
070 P011500 Y
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 Y
070 R021500 N
071 A001500 49
071 B001500 73
071 C001500 1053
071 D001500 5
072 A001500 10
072 B001500 61
072 C001500 0
072 D001500 0
072 E001500 0
072 F001500 5
072 G001500 0
072 H001500 0
072 I001500 0
072 J001500 1
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072 L001500 0
072 M001500 5
072 N001500 0
072 O001500 0
072 P001500 0
072 Q001500 0
072 R001500 9
072 S001500 0
072 T001500 0
072 U001500 0
072 V001500 0
072 W001500 5
072 X001500 25
072 Y001500 17
072 Z001500 53
072AA001500 5
072BB001500 0
072CC011500 0
072CC021500 61
072DD011500 37
072DD021500 0
072EE001500 0
073 A011500 0.3450
073 A021500 0.0000
073 B001500 0.0000
073 C001500 0.0000
074 A001500 0
<PAGE> PAGE 39
074 B001500 0
074 C001500 0
074 D001500 1066
074 E001500 0
074 F001500 0
074 G001500 0
074 H001500 0
074 I001500 0
074 J001500 0
074 K001500 13
074 L001500 15
074 M001500 22
074 N001500 1116
074 O001500 0
074 P001500 0
074 Q001500 0
074 R011500 0
074 R021500 0
074 R031500 0
074 R041500 18
074 S001500 0
074 T001500 1098
074 U011500 108
074 U021500 0
074 V011500 10.13
074 V021500 0.00
074 W001500 0.0000
074 X001500 29
074 Y001500 0
075 A001500 0
075 B001500 1077
076 001500 0.00
SIGNATURE TIMOTHY P. MULLANEY
TITLE MUTUAL FUND CFO
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 0000751173
<NAME> MANNING & NAPIER FUND, INC.
<SERIES>
<NAME> BLENDED ASSET SERIES I
<NUMBER> 11
<CAPTION>
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> OCT-31-1996
<PERIOD-TYPE> YEAR
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 17,298,801
<INVESTMENTS-AT-VALUE> 17,687,247
<RECEIVABLES> 175,209
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,864,456
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68,948
<TOTAL-LIABILITIES> 68,948
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,792,426
<SHARES-COMMON-STOCK> 1,588,453
<SHARES-COMMON-PRIOR> 888,146
<ACCUMULATED-NII-CURRENT> 319,657
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 292,979
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 388,446
<NET-ASSETS> 17,793,508
<DIVIDEND-INCOME> 41,029
<INTEREST-INCOME> 555,989
<OTHER-INCOME> 0
<EXPENSES-NET> 146,530
<NET-INVESTMENT-INCOME> 450,488
<REALIZED-GAINS-CURRENT> 299,745
<APPREC-INCREASE-CURRENT> 105,808
<NET-CHANGE-FROM-OPS> 856,041
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 130,831
<DISTRIBUTIONS-OF-GAINS> 39,818
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 940,658
<NUMBER-OF-SHARES-REDEEMED> 255,975
<SHARES-REINVESTED> 15,624
<NET-CHANGE-IN-ASSETS> 8,275,013
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 33,052
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 121,924
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 159,969
<AVERAGE-NET-ASSETS> 14,387,868
<PER-SHARE-NAV-BEGIN> 10.72
<PER-SHARE-NII> 0.293
<PER-SHARE-GAIN-APPREC> 0.307
<PER-SHARE-DIVIDEND> 0.092
<PER-SHARE-DISTRIBUTIONS> 0.028
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.20
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 000751173
<NAME> MANNING & NAPIER FUND, INC.
<SERIES>
<NAME> BLENDED ASSET SERIES II
<NUMBER> 12
<CAPTION>
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> OCT-31-1996
<PERIOD-TYPE> YEAR
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 30,078,823
<INVESTMENTS-AT-VALUE> 32,539,806
<RECEIVABLES> 269,442
<ASSETS-OTHER> 251,260
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,060,508
<PAYABLE-FOR-SECURITIES> 3,705
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58,105
<TOTAL-LIABILITIES> 61,810
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,012,456
<SHARES-COMMON-STOCK> 2,529,773
<SHARES-COMMON-PRIOR> 1,717,706
<ACCUMULATED-NII-CURRENT> 475,782
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,049,477
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,460,983
<NET-ASSETS> 32,998,698
<DIVIDEND-INCOME> 126,421
<INTEREST-INCOME> 771,893
<OTHER-INCOME> 0
<EXPENSES-NET> 271,421
<NET-INVESTMENT-INCOME> 566,893
<REALIZED-GAINS-CURRENT> 1,053,546
<APPREC-INCREASE-CURRENT> 1,209,793
<NET-CHANGE-FROM-OPS> 2,830,232
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 92,412
<DISTRIBUTIONS-OF-GAINS> 138,618
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,030,732
<NUMBER-OF-SHARES-REDEEMED> 237,451
<SHARES-REINVESTED> 18,786
<NET-CHANGE-IN-ASSETS> 12,479,763
<ACCUMULATED-NII-PRIOR> 1,301
<ACCUMULATED-GAINS-PRIOR> 134,549
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 225,830
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 274,949
<AVERAGE-NET-ASSETS> 27,044,211
<PER-SHARE-NAV-BEGIN> 11.95
<PER-SHARE-NII> 0.227
<PER-SHARE-GAIN-APPREC> 0.963
<PER-SHARE-DIVIDEND> 0.040
<PER-SHARE-DISTRIBUTIONS> 0.060
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.04
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 0000751173
<NAME> MANNING & NAPIER FUND, INC.
<SERIES>
<NAME> DEFENSIVE SERIES
<NUMBER> 2
<CAPTION>
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<PERIOD-TYPE> YEAR
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 733,461
<INVESTMENTS-AT-VALUE> 732,325
<RECEIVABLES> 32,834
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 765,159
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,954
<TOTAL-LIABILITIES> 19,954
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 728,784
<SHARES-COMMON-STOCK> 72,442
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 11,048
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,509
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,136)
<NET-ASSETS> 745,205
<DIVIDEND-INCOME> 798
<INTEREST-INCOME> 25,219
<OTHER-INCOME> 0
<EXPENSES-NET> 4,938
<NET-INVESTMENT-INCOME> 21,079
<REALIZED-GAINS-CURRENT> 6,509
<APPREC-INCREASE-CURRENT> (1,136)
<NET-CHANGE-FROM-OPS> 26,452
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,031
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 76,159
<NUMBER-OF-SHARES-REDEEMED> 4,727
<SHARES-REINVESTED> 1,010
<NET-CHANGE-IN-ASSETS> 745,205
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,940
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26,771
<AVERAGE-NET-ASSETS> 477,088
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.349
<PER-SHARE-GAIN-APPREC> 0.137
<PER-SHARE-DIVIDEND> 0.196
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.29
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 0000751173
<NAME> MANNING & NAPIER FUND, INC.
<SERIES>
<NAME> FLEXIBLE YIELD SERIES I
<NUMBER> 13
<CAPTION>
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> OCT-31-1996
<PERIOD-TYPE> YEAR
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 488,080
<INVESTMENTS-AT-VALUE> 491,661
<RECEIVABLES> 19,233
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 510,894
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,997
<TOTAL-LIABILITIES> 17,997
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 481,588
<SHARES-COMMON-STOCK> 47,974
<SHARES-COMMON-PRIOR> 24,989
<ACCUMULATED-NII-CURRENT> 5,336
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,392
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,581
<NET-ASSETS> 492,897
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,994
<OTHER-INCOME> 0
<EXPENSES-NET> 2,115
<NET-INVESTMENT-INCOME> 15,879
<REALIZED-GAINS-CURRENT> 2,919
<APPREC-INCREASE-CURRENT> (3,729)
<NET-CHANGE-FROM-OPS> 15,069
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,555
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 46,304
<NUMBER-OF-SHARES-REDEEMED> 24,368
<SHARES-REINVESTED> 1,049
<NET-CHANGE-IN-ASSETS> 236,443
<ACCUMULATED-NII-PRIOR> 12
<ACCUMULATED-GAINS-PRIOR> (527)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,057
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,495
<AVERAGE-NET-ASSETS> 367,724
<PER-SHARE-NAV-BEGIN> 10.26
<PER-SHARE-NII> (0.101)
<PER-SHARE-GAIN-APPREC> 0.310
<PER-SHARE-DIVIDEND> 0.300
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.270
<EXPENSE-RATIO> 0.700
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 0000751173
<NAME> MANNING & NAPIER FUND, INC.
<SERIES>
<NAME> FLEXIBLE YIELD SERIES II
<NUMBER> 14
<CAPTION>
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> OCT-31-1996
<PERIOD-TYPE> YEAR
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 461,153
<INVESTMENTS-AT-VALUE> 477,253
<RECEIVABLES> 21,650
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 498,903
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,609
<TOTAL-LIABILITIES> 17,609
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 456,157
<SHARES-COMMON-STOCK> 47,655
<SHARES-COMMON-PRIOR> 42,545
<ACCUMULATED-NII-CURRENT> 8,750
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 287
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,100
<NET-ASSETS> 481,294
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 23,842
<OTHER-INCOME> 0
<EXPENSES-NET> 3,002
<NET-INVESTMENT-INCOME> 20,840
<REALIZED-GAINS-CURRENT> 289
<APPREC-INCREASE-CURRENT> (12,780)
<NET-CHANGE-FROM-OPS> 8,349
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12,453
<DISTRIBUTIONS-OF-GAINS> 2,503
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,361
<NUMBER-OF-SHARES-REDEEMED> 3,711
<SHARES-REINVESTED> 1,460
<NET-CHANGE-IN-ASSETS> 43,268
<ACCUMULATED-NII-PRIOR> 363
<ACCUMULATED-GAINS-PRIOR> 2,501
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,688
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,402
<AVERAGE-NET-ASSETS> 450,180
<PER-SHARE-NAV-BEGIN> 10.30
<PER-SHARE-NII> 0.445
<PER-SHARE-GAIN-APPREC> (0.315)
<PER-SHARE-DIVIDEND> 0.270
<PER-SHARE-DISTRIBUTIONS> 0.060
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.10
<EXPENSE-RATIO> 0.800
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 0000751173
<NAME> MANNING & NAPIER FUND, INC.
<SERIES>
<NAME> FLEXIBLE YIELD SERIES III
<NUMBER> 15
<CAPTION>
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> OCT-31-1996
<PERIOD-TYPE> YEAR
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,050,503
<INVESTMENTS-AT-VALUE> 1,088,386
<RECEIVABLES> 27,227
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,115,613
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,749
<TOTAL-LIABILITIES> 17,749
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,038,423
<SHARES-COMMON-STOCK> 108,427
<SHARES-COMMON-PRIOR> 110,331
<ACCUMULATED-NII-CURRENT> 16,958
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,600
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37,883
<NET-ASSETS> 1,097,864
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 60,867
<OTHER-INCOME> 0
<EXPENSES-NET> 7,569
<NET-INVESTMENT-INCOME> 53,298
<REALIZED-GAINS-CURRENT> 4,772
<APPREC-INCREASE-CURRENT> (60,560)
<NET-CHANGE-FROM-OPS> (2,490)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 36,728
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,096
<NUMBER-OF-SHARES-REDEEMED> 11,073
<SHARES-REINVESTED> 3,073
<NET-CHANGE-IN-ASSETS> (61,360)
<ACCUMULATED-NII-PRIOR> 388
<ACCUMULATED-GAINS-PRIOR> (172)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,454
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,419
<AVERAGE-NET-ASSETS> 1,076,583
<PER-SHARE-NAV-BEGIN> 10.51
<PER-SHARE-NII> 0.497
<PER-SHARE-GAIN-APPREC> (0.532)
<PER-SHARE-DIVIDEND> 0.345
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.13
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 0000751173
<NAME> MANNING AND NAPIER FUND, INC.
<SERIES>
<NAME> MAXIMUM HORIZON SERIES
<NUMBER> 5
<CAPTION>
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<PERIOD-TYPE> YEAR
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,534,518
<INVESTMENTS-AT-VALUE> 1,573,604
<RECEIVABLES> 24,309
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,597,913
<PAYABLE-FOR-SECURITIES> 3,648
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,274
<TOTAL-LIABILITIES> 23,922
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,512,128
<SHARES-COMMON-STOCK> 138,282
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,342
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,435
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,086
<NET-ASSETS> 1,573,991
<DIVIDEND-INCOME> 3,422
<INTEREST-INCOME> 9,431
<OTHER-INCOME> 0
<EXPENSES-NET> 5,303
<NET-INVESTMENT-INCOME> 7,550
<REALIZED-GAINS-CURRENT> 10,435
<APPREC-INCREASE-CURRENT> 39,086
<NET-CHANGE-FROM-OPS> 57,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,208
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 148,143
<NUMBER-OF-SHARES-REDEEMED> 10,251
<SHARES-REINVESTED> 390
<NET-CHANGE-IN-ASSETS> 1,573,991
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,377
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 29,254
<AVERAGE-NET-ASSETS> 481,648
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.155
<PER-SHARE-GAIN-APPREC> 1.356
<PER-SHARE-DIVIDEND> 0.131
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.38
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
SHAREHOLDER TRANSACTION EXPENSES
(as a percentage of offering price)
<CAPTION>
<S> <C>
Maximum Sales Charge Imposed on Purchases None
Redemption Fees (1) None
Exchange Fees (2) None
(1) A wire charge, currently $15, will be deducted by the Transfer Agent
from the amount of a wire redemption payment made at the request of a
shareholder. Such amount is not included in the "Annual Operating
Expenses of the Series."
(2) A shareholder may effect up to four (4) exchanges in a twelve (12)
month period without change. Subsequent exchanges are subject to a fee of
$15.
ANNUAL OPERATING EXPENSES
The following information provides (i) a tabular summary of expenses relating
to the annual operating expenses of the Series and (ii) an example
illustrating the dollar cost of such expenses on a $1,000 investment.
Annual Operating Expenses of the Series (as a percentage of average net
assets):
<CAPTION>
Tax Managed
Series (3)
------------
<S> <C>
Management Fees After Reduction of Fees (4) 0.00%
12b-1 Fees None
Other Expenses 1.20%
------------
Total Operating Expenses of the Series (4) 1.20%
============
You would pay the following expenses on a $1,000 investment, assuming a) 5.0%
annual return and b) redemptions at the end of each time period:
<CAPTION>
1 year 3 years 5 years 10 years
<S> <C> <C> <C> <C>
Tax Managed Series $ 12 $ 38 $ 66 $ 145
(3) Tax Managed Series was engaged in active investment operations for the
year ended October 31, 1996; therefore, actual management fees and other
expenses are used above.
(4) The Investment Advisor did not impose its management fee and paid a
portion of the Fund's expenses. If these expenses had been incurred by
the Series, expenses would have been 2.50%, the limit imposed by state
securities law. Absent the fee waiver and assumption of expenses, the
expenses paid on a $1,000 investment would have been:
<CAPTION>
1 year 3 years 5 years 10 years
<S> <C> <C> <C> <C>
Tax Managed Series $ 25 $ 78 $ 133 $ 284
The fee waiver and assumption of expenses by the Advisor is voluntary and
may be terminated at any time. However, the Advisor has agreed to continue
this waiver and assumption of expenses at least through the Series current
fiscal year.
The purpose of the table above is to assist the investor in understanding the
various costs and expenses associated with investing in the Series. For a
more complete description of the various costs and expenses illustrated above,
please refer to the Management section of this Prospectus.
THE EXAMPLE ABOVE SHOULD NOT BE CONSIDERED A REPRESENTATION OF FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESSER THAN THOSE SHOWN.
2
<PAGE>
FINANCIAL HIGHLIGHTS
The following table provides selected per share data and ratios for the Tax
Managed Series. The table is part of the Series' financial statements, which
are included in the Statement of Additional Information incorporated by
reference into this Prospectus.
<CAPTION>
TAX MANAGED SERIES For the Year
Ended
10/31/96
--------------
Per share data (for a share outstanding throughout
the period):
<S> <C>
NET ASSET VALUE - BEGINNING OF PERIOD $ 10.00
--------------
Income from investment operations:
Net investment loss (0.02)
Net realized and unrealized gain (loss)
on investments 1.65
--------------
Total from investment operations 1.63
--------------
NET ASSET VALUE - END OF PERIOD $ 11.63
==============
Total return1 16.30%
Ratios (to average net assets) / Supplemental Data:
Expenses* 1.20%
Net investment loss* (0.21%)
Portfolio turnover 78%
Average commission rate paid $ 0.0757
NET ASSETS - END OF PERIOD (000's omitted) $ 224
==============
* 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 allowed by state securities law and
the net investment income per share and the ratios would have been as follows:
Net investment loss ($0.14)
Ratios (to average net assets):
Expenses 2.50%
Net investment loss (1.51%)
1 Represents aggregate total return for the period indicated
3
<PAGE>
</TABLE>
To the Directors of Manning & Napier Fund, Inc.
and Shareholders of Blended Asset Series I,
Blended Asset Series II, Flexible Yield Series I,
Flexible Yield Series II, Flexible Yield Series III,
Tax Managed Series, Defensive Series and
Maximum Horizon Series:
In planning and performing our audits of the financial statements of Blended
Asset Series I, Blended Asset Series II, Flexible Yield Series I, Flexible
Yield Series II, Flexible Yield Series III, Tax Managed Series, Defensive
Series and Maximum Horizon Series (the Funds) (eight of the portfolios
constituting Manning & Napier Fund, Inc.) for the year ended October 31, 1996
(on which we have issued our reports dated November 19, 1996), we considered
their internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinions on the financial statements and to comply with the
requirements of Form N_SAR, not to provide assurance on the internal control
structure.
The management of the Funds is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against
loss from unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of October 31, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
November 19, 1996
