As filed with the Securities and Exchange Commission on March 13,1997
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. 25 X
and
REGISTRATION STATEMENT UNDER
THE INVESTMENT COMPANY ACT OF 1940 X
AMENDMENT NO. 28 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 March 13, 1997
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, 1997 was filed on February 20, 1997.
<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>
<PAGE>
<PAGE>
Supplemental Prospectus
for Manning & Napier Fund, Inc. dated
March 13, 1997 to the Prospectus
for the Manning & Napier Fund, Inc. dated March 6, 1996.
EXPENSES
SHAREHOLDER TRANSACTION EXPENSES
(As a percentage of offering price)
Maximum Sales Charge Imposed on Purchases None
Redemption Fees None
ANNUAL OPERATING EXPENSES
The following information provides (I) a tabular summary of expenses relating
to the annual operating expense of the Series and (ii) an example illustrating
the dollar cost of such expenses on a $1,000 investment.
<TABLE>
<CAPTION>
Annual Fund Operating Expenses (as a percentage of average daily net assets)
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Small Life
Technology Cap International Sciences
Series1 Series1 Series1 Series1
----------- -------- -------------- ---------
Management 1.00% 1.00% 1.00% 1.00%
12b-1 fees None None None None
Other expenses 0.04% 0.08% 0.12% 0.06%
----------- -------- -------------- ---------
Total fund operating
expenses 1.04% 1.08% 1.12% 1.06%
=========== ======== ============== =========
Annual Fund Operating Expenses (as a percentage of average net assets)
- ----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Financial Global World
Services Energy Fixed Income Opportunities
Series2 Series2 Series2 Series1
---------- -------- ------------- --------------
Management 1.00% 1.00% 1.00% 1.00%
12b-1 fees None None None None
Other expenses 0.13% 0.13% 0.25% 0.17%
---------- -------- ------------- --------------
Total fund operating
expenses 1.13% 1.13% 1.25% 1.17%
========== ======== ============= ==============
</TABLE>
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:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
1 year 3 years 5 years 10 years
------- -------- -------- ---------
Technology Series 1 $ 11 $ 33 $ 57 $ 127
Small Cap Series 1 11 34 60 132
International Series 1 11 36 62 136
Life Sciences Series 1 11 34 58 129
Energy Series 2 12 36
Financial Services Series 2 12 36
Global Fixed Income Series 2 13 40
World Opportunities Series 1 12 37 64 142
</TABLE>
1 The Life Sciences Series was engaged in active investment operations for the
period January 1, 1995 through September 21, 1995. The Small Cap Series,
Technology Series and the International Series were engaged in active
investment operations for the year ended December 31, 1996 and the World
Opportunities Series was engaged in active investment operations for the
period September 6, 1996 (commencement of operations) to December 31, 1996;
therefore, actual management fees and other expenses were used above.
2 As these Series have not commenced active investment operations, the "Annual
Fund Operating Expenses" percentages and the "Example" expenses presented are
estimates based upon expense and average net assets if the Series were in
active investment operations for an entire year.
The purpose of the above table is to assist the investor in understanding the
various costs and expenses associated with investing in the Fund. For a more
complete description of the various costs and expenses illustrated above,
please refer to the Management sections 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.
FINANCIAL HIGHLIGHTS
The following tables provide selected per share data and ratios for the Series
(for a share outstanding throughout the period over various periods shown).
The tables are part of each Series' audited financial statements, which are
included in the Statement of Additional Information incorporated by reference
into this Prospectus. The Technology Series, Small Cap Series, and
International Series financial statements are included in the Statement of
Additional Information as they were engaged in active investment operations
for the year ended December 31, 1996. The World Opportunities Series
financial statements are also included in the Statement of Additional
Information for the period September 6, 1996 (commencement of operations) to
December 31, 1996. The remaining Series were not in active investment
operations; thus financial statements are not included.
Per share income and capital change information is presented for the
Technology Series, Small Cap Series, and International Series as they remain
engaged in active investment operations. Per share and capital change
information is presented for the World Opportunities Series for the period
September 6, 1996 (commencement of operations) to December 31, 1996. The
remaining Series have not commenced active investment operations; thus the per
share income and capital change information is not presented.
<TABLE>
<CAPTION>
TECHNOLOGY SERIES
For the period For the period
Aug. 29, 1994 Jan. 1, 1992 to
For the For the (recommencement of May 11, 1995 15
Year ended Year ended operations) (date of full
Dec. 31, 1996 Dec. 31, 1995 to Dec. 31, 1994 redemption)
<S> <C> <C> <C> <C>
Net asset value - Beginning of period $ 10.71 $ 11.35 $ 10.0019 $ 10.25
Income from investment operations
Net investment income (loss) (0.02) 0.02 (0.01) 0.01
Net realized and unrealized gain (loss)
on investments 2.19 4.51 1.36 1.53
Total from investment operations 2.17 4.53 1.35 1.54
Less distributions declared to shareholders
From net investment income -- (0.01) -- --
From net realized gain on investments (0.30) (5.16) -- (1.94)
Redemption of capital -- -- (9.85)
Total distributions declared to shareholders (0.30) (5.17) -- (11.79)
Net asset value - End of period $ 12.58 $ 10.71 $ 11.35 $ --
Total return 21 20.90% 40.25% 13.5% --15
Ratios (to average net assets)/Supplemental data:
Expenses 1.04% 1.12% 1.32%4 1.35%4, 15
Net investment income (0.17%) 0.13% (0.40)%4 0.20%4, 15
Portfolio Turnover 107% 107% 5% --5
Average Commission Rate Paid $ 0.0163 $ 0.0156 -- --
Net assets - End of period (000's omitted) $ 112,432 $ 53,147 $ 51,929 $ --
TECHNOLOGY SERIES
For the period
Nov. 4, 1988
For the For the For the (commencement of
Year ended Year ended Year ended operations) to
Dec. 31, 1991 Dec. 31, 1990 Dec. 31, 1989 Dec. 31, 1988 3
<S> <C> <C> <C> <C>
Net asset value - Beginning of period $ 8.00 $ 9.41 $ 10.28 $ 10.00
Income from investment operations
Net investment income (loss) (0.04) 0.02 (0.05) 0.01
Net realized and unrealized gain (loss)
on investments 2.93 (0.83) (0.06) 0.28
Total from investment operations 2.89 (0.81) (0.11) 0.29
Less distributions declared to shareholders
From net investment income -- (0.03) --2 (0.01)
From net realized gain on investments (0.64) (0.57) (0.76) --
Redemption of capital -- -- -- --
Total distributions declared to shareholders (0.64) (0.60) (0.76) (0.01)
Net asset value - End of period $ 10.25 $ 8.00 $ 9.41 $ 10.28
Total return 21 36.10% (8.90)% (0.90)% 19.40%
Ratios (to average net assets)/Supplemental data:
Expenses 1.13% 1.14% 1.11% 1.22%4
Net investment income (0.33)% 0.20%12 (0.49)% 0.81%4
Portfolio Turnover 4% 25% --5 --5
Average Commission Rate Paid -- -- -- --
Net assets - End of period (000's omitted) $ 5,594 $ 5,835 $ 6,669 $ 6,260
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
SMALL CAP SERIES 7
For the For the For the For the
Year ended Year ended Year ended Year ended
Dec. 31, 1996 Dec. 31, 1995 Dec. 31, 1994 Dec. 31, 1993
<S> <C> <C> <C> <C>
Net asset value - Beginning of period $ 11.95 $ 12.92 $ 12.52 $ 11.24
Income from investment operations
Net investment income (loss) 0.05 0.00 (0.07) (0.04)
Net realized and unrealized gain (loss)
on investments 1.11 1.93 1.05 1.70
Total from investment operations 1.16 1.93 0.98 1.66
Less distributions declared to shareholders
From net investment income (0.04) -- -- --
From net realized gain on investments (0.89) (2.90) (0.58) (0.38)
In excess of net realized gains (0.09) -- -- --
Redemption of capital -- -- -- --
Total distributions declared to shareholders (1.02) (2.90) (.058) (0.38)
Net asset value - End of period $ 12.09 $ 11.95 $ 12.92 $ 12.52
Total return 21 10.06% 14.70% 8.01% 14.64%
Ratios (to average net assets) / Supplemental data:
Expenses9 1.08% 1.07% 1.10% 1.13%
Net investment income 0.29% (0.03)% (0.58)% (0.43)%
Portfolio Turnover 31% 77% 31% 12%
Average Commission Rate Paid $ 0.0291 $ 0.0500 -- --
Net assets - End of period (000's omitted) $ 100,688 $ 143,003 $ 105,522 $ 70,734
<PAGE>
SMALL CAP SERIES 7
For the period For the period
April 30, 1992 Jan. 1, 1989
(recommence- July 24, 1989 For the
ment of oper.) (date of full Year ended
to Dec. 31, 1992 6 redemption) Dec. 31, 1988 1
<S> <C> <C> <C>
Net asset value - Beginning of period $ 10.0017 $ 8.96 $ 8.93
Income from investment operations
Net investment income (loss) (0.02) (0.39) 0.10
Net realized and unrealized gain (loss)
on investments 1.63 -- (0.07)
Total from investment operations 1.61 (0.39) 0.03
Less distributions declared to shareholders
From net investment income -- -- --
From net realized gain on investments (0.29) -- --
In excess of net realized gains (0.08)16 -- --
Redemption of capital -- (8.57) --
Total distributions declared to shareholders (0.37) (8.57) --
Net asset value - End of period $ 11.24 $ -- $ 8.96
Total return 21 16.20% --10 0.33%
Ratios (to average net assets) / Supplemental data:
Expenses9 1.27%4, 13 14.59%4, 10 1.34%
Net investment income (0.26)%4, 13 (8.02)%4, 10 0.91%
Portfolio Turnover 24% --5 --5
Average Commission Rate Paid -- -- --
Net assets - End of period (000's omitted) $ 33,079 $ -- $ 90
<PAGE>
SMALL CAP SERIES 7
For the period
Jan. 6, 1986
For the (commencement
Year ended of operations) to
Dec. 31, 1987 Dec. 31, 1986 11
<S> <C> <C>
Net asset value - Beginning of period $ 8.08 $ 10.00
Income from investment operations
Net investment income (loss) 0.13 (0.09)
Net realized and unrealized gain (loss)
on investments 0.75 (1.83)
Total from investment operations 0.88 (1.92)
Less distributions declared to shareholders
From net investment income -- --
From net realized gain on investments (0.03) --
In excess of net realized gains -- --
Redemption of capital -- --
Total distributions declared to shareholders (0.03) --
Net asset value - End of period $ 8.93 $ 8.08
Total return 21 10.89% (19.44)%
Ratios (to average net assets) / Supplemental data:
Expenses9 2.26% 9.08%4
Net investment income 0.95% (5.62)%4
Portfolio Turnover 76% --5
Average Commission Rate Paid -- --
Net assets - End of period (000's omitted) $ 36,193 $ 1,608
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
INTERNATIONAL SERIES
For the For the For the For the
Year ended Year ended Year ended Year ended
Dec. 31, 1996 Dec. 31, 1995 Dec. 31, 1994 Dec. 31, 1993
<S> <C> <C> <C> <C>
Net asset value - Beginning of period $ 9.57 $ 9.54 $ 11.33 $ 9.19
Income from investment operations
Net investment income (loss) 0.15 0.13 0.14 0.15
Net realized and unrealized gain (loss)
on investments8 1.98 0.26 (1.78) 2.24
Total from investment operations 2.13 0.39 (1.64) 2.39
Less distributions declared to shareholders:
From net investment income (0.14) (0.12) -- (0.25)
From paid-in-capital -- (0.16) -- --
From net realized gain on investment (0.02) (0.08) (0.15) --
In excess of net realized gains -- -- - --
Total distributions declared to shareholders (0.16) (0.36) (0.15) (0.25)
Net asset value - End of period $ 11.54 $ 9.57 $ 9.54 $ 11.33
Total return 21 22.35% 4.14% (14.48)% 26.00%
Ratio (to average net assets)/Supplemental data:
Expenses 1.12% 1.20% 1.18% 1.16%
Net investment income 1.46% 1.42% 1.38% 1.39%
Portfolio Turnover 2% 14% 31% 20%
Average Commission Rate Paid $ 0.0013 $ 0.0021 -- --
Net assets at end of period (000's omitted) $ 149,331 $ 128,294 $ 85,964 $ 92,012
<PAGE>
INTERNATIONAL SERIES
For the period
Aug. 27, 1992 to
(commencement of
operations)
Dec. 31, 1992
<S> <C>
Net asset value - Beginning of period $ 10.0018
Income from investment operations
Net investment income (loss) 0.03
Net realized and unrealized gain (loss)
on investments8 0.57
Total from investment operations 0.60
Less distributions declared to shareholders:
From net investment income (0.03)
From paid-in-capital --
From net realized gain on investment (1.24)
In excess of net realized gains (0.14)14
Total distributions declared to shareholders (1.41)
Net asset value - End of period $ 9.19
Total return 21 6.01%
Ratio (to average net assets)/Supplemental data:
Expenses 1.33%4
Net investment income 0.85%4
Portfolio Turnover --5
Average Commission Rate Paid --
Net assets at end of period (000's omitted) $ 72,163
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
LIFE SCIENCES SERIES
For the period For the period
Jan. 1, 1995 to Oct. 7, 1992
Sept. 21, 1995 For the For the (commencement of
(date of complete Year ended Year ended operations) to
redemption)20 Dec. 31, 1994 Dec. 31, 1993 Dec. 31, 1992
<S> <C> <C> <C> <C>
Net asset value - Beginning of period $ 10.43 $ 10.18 $ 10.12 $ 10.0018
Income from investment operations
Net investment income (loss) 0.06 0.02 0.02 0.02
Net realized and unrealized gain (loss)
on investments 4.02 1.02 0.30 0.18
Total from investment operations 4.08 1.04 0.32 0.20
Less distributions declared to shareholders:
From net investment income (0.06) (0.02) (0.02) (0.02)
In excess of net investment income -- -- (0.01) --
From net realized gain on investments (6.59) (0.77) (0.23) (0.06)
Redemption of Capitalization (7.86) -- -- --
Total distributions declared to shareholders (14.51) (0.79) (0.26) (0.08)
Net asset value - End of period $ -- $ 10.43 $ 10.18 $ 10.12
Total return 21 41.07% 10.30% 3.16% 1.95%
Ratio (to average net assets)/Supplemental data:
Expenses 1.06%4 1.07% 1.14% 1.83%4
Net investment income 0.57%4 0.17% 0.20% 0.67%4
Portfolio Turnover 28% 49% 45% --5
Average Commission Rate Paid $ 0.06 -- -- --
Net assets - End of period (000's omitted) $ -- $ 67,219 $ 70,594 $ 13,210
</TABLE>
<TABLE>
<CAPTION>
WORLD OPPORTUNITIES SERIES
For the period
Sept. 1, 1996
(commencement of
operations) to
Dec. 31, 1996
------------------
<S> <C>
Net asset value - Beginning of period $ 10.0022
------------------
Income from investment operations
Net investment income (loss) 0.05
Net realized and unrealized gain (loss)
on investments 0.43
Total from investment operations 0.48
Less distributions declared to shareholders:
From net investment income (0.05)
From net realized gain on investments (0.01)
Total distributions declared to shareholders (0.06)
Net asset value - End of period $ 10.42
Total return 21 4.82%
Ratio (to average net assets)/Supplemental data:
Expenses 1.17%4
Net investment income 1.54%4
Portfolio Turnover 1%
Average Commission Rate Paid $ 0.0065
Net assets - End of period (000's omitted) $ 77,338
==================
</TABLE>
<PAGE>
Footnotes to Financial Highlights:
1 Per share data was determined using a monthly average of the shares
outstanding throughout the period.
2 On April 11, 1989, a $.004 dividend was distributed to shareholders of
record on April 11, 1989.
3 On November 4, 1988, the Technology Series commenced sales of it's shares to
persons who are investment advisory clients or employees of the Fund's
Advisor.
4 Annualized.
5 For these periods, there were no purchases of securities whose maturity or
expiration date was greater than one year from the acquisition date.
6 The investment practice of the Fund results in the active operation of the
investment portfolio for discrete periods. On April 30, 1992 the Fund resumed
sales of shares of the Small Cap Series to advisory clients and employees of
the Fund's Advisor. Previously, the Small Cap Series was in active operation
from November 11, 1986 to May 14, 1987 and from December 1, 1987 to April 13,
1988. Other than those periods stated previously, the only shareholders of
the Small Cap Series were those of the Initial Shareholders. During periods
when the only shareholders of the Small Cap Series were the Initial
Shareholders, assets of the Fund were invested in U.S. Treasury securities.
On July 11 and 24, 1989, the shares held by the Initial Shareholders were
redeemed in full and the Fund remained dormant until April 30, 1992.
7 Per share data for all period prior to May 18, 1988, have been restated to
reflect the 10 for 1 stock dividend effected on May 18, 1988.
8 This amount is mathematically derived as the difference between the changes
in net asset value for the year and net investment income. The amount shown
for the year ended December 31, 1988 does not agree with the net realized
gains and net decrease in unrealized appreciation for the year as shown on the
Statement of Operations because the average number of shares for the year used
to determine the above computations is significantly different than the number
of shares outstanding at the time of the April 13, 1988 redemption described
in Note (6) above.
9 Absent fee waivers, the ratios of expense to average daily net assets is as
follows: 1.27%(for the period 4/30/92 to 12/31/92); 15.57%(for the period
1/1/89 to 7/24/89); 1.34%(for the year ended 12/31/88);
2.27%(for the year ended 12/31/87); and 9.34%(for the period
1/6/88(commencement of operation) to 12/31/86).
10 During the period January 1, 1989 to July 24, 1989(date of full
redemption), the only shareholders and resulting assets were those of the
Initial Shareholders who redeemed their shares on July 11 and 24, 1989.
Therefore, the ratios presented may not be representative of an actively
operated series.
11 On November 11, 1986, the Fund commenced sales of shares of the Small Cap
Series to persons who are investment advisory clients of the Fund's Advisor.
Prior to that date, the Small Cap Series did not engage in any business
operations other than to purchase and hold approximately $100,000 of U.S.
Treasury securities.
12 Investment income per share is comprised of recurring dividend and interest
income which amounted to $0.07 per share and special dividends from Bell
Industries and Tempest Technologies, Inc. which amounted to $0.03 and $0.02
per share, respectively.
13 For the period April 30, 1992 to December 31, 1992, the ratios for the
Small Cap Series were calculated using average daily net assets.
14 Distributions differ from net investment income and net realized capital
gains because of book/tax timing differences, due to the requirements of the
Internal Revenue Code (the "Code"). The Code requires the Fund to treat it's
open forward currency contracts sold short as covered for their fair market
value at the end of the period. The Fund recognized the gains on the forward
foreign currency contracts as unrealized for book purposes at the end of the
period.
15 The investment practice of the Fund results in the active operation of the
investment portfolios for discrete periods. On August 29, 1994, the Fund
resumed sales of shares of the Technology Series to advisory clients and
employees of the Fund's Advisor. Previously, the Technology Series was in
active operations from November 4, 1988 to May 11, 1992. On May 11, 1992, the
Technology Series redeemed all shares held, therefore, the ratios presented
may not be representative of an actively traded fund.
16 Distributions may differ from net investment income and net realized
capital gains because of book/tax timing differences, primarily the
requirement of the excise tax regulations enacted as part of the 1986 Tax
Reform Act. The regulations required the Series to measure capital gains
through October 31, 1992. The excise tax regulations also required the Series
to distribute those gains before December 31, 1992 to avoid payment of excise
tax.
17 Initial offering price upon recommencement of operations on April 30, 1992.
18 International Series and Life Sciences Series commenced operations on
August 27, 1992 and October 7, 1992, respectively. The initial offering price
upon commencement of operations was $10.00 per share.
19 Initial offering price upon recommencement of operations on August 29,
1994.
20 The investment practice of the Fund results in the active operation of the
investment portfolios for discrete periods. On September 21, 1995, the Life
Sciences Series redeemed all shares held, therefore, the ratios presented may
not be representative of an actively traded fund.
21 Represents aggregate total return for the period indicated.
22 Initial offering price upon commencement of operations on September 6,
1996.
Supplemental Prospectus
for World Opportunities Series dated
March 13, 1997 to the Prospectus
for the World Opportunties Series dated March 6, 1996.
<PAGE>
<PAGE>
Expenses
SHAREHOLDER TRANSACTION EXPENSES
(as a percentage of offering price)
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 charge. 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 expense 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 daily net assets):
Management Fees 1.00%
12b-1 Fees None
Other Expenses 3 0.17%
Total Operating Expenses 3 1.17%
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 5 years 10 years
World Opportunities Series $12 $37 $64 $142
3 World Opportunities Series was engaged in active investment operations for
the period September 6, 1996 to December 31, 1996; therefore, actual
management fees and other expenses are used above.
The purpose 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.
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.
<PAGE>
FINANCIAL HIGHLIGHTS
The following table provides selected per share data and ratios for the World
Opportunities Series (for a share outstanding throughout the period for the
period shown). The table is part of the Series audited financial statements,
which are included in the Statement of Additional Information incorporated by
reference into this Prospectus.
<TABLE>
<CAPTION>
For the period
Sept. 1, 1996
(commencement of
operations) to
Dec. 31, 1996
------------------
<S> <C>
Net asset value - Beginning of period $ 10.003
------------------
Income from investment operations
Net investment income (loss) 0.05
Net realized and unrealized gain (loss)
on investments 0.43
Total from investment operations 0.48
Less distributions declared to shareholders:
From net investment income (0.05)
From net realized gain on investments (0.01)
Total distributions declared to shareholders (0.06)
Net asset value - End of period $ 10.42
Total return 1 4.82%
Ratio (to average net assets)/Supplemental data:
Expenses 1.17%2
Net investment income 1.54%2
Portfolio Turnover 1%
Average Commission Rate Paid $ 0.0065
Net assets - End of period (000's omitted) $ 77,338
==================
</TABLE>
1 Represents aggregate total return for the period indicated.
2 Annualized.
3 Initial offering price upon commencement of operations on September 6, 1996.
<PAGE>
PART A
The Prospectus for the Manning & Napier Fund, Inc. and the
World Opportunities Series are hereby incorporated by reference
to the Registration Statement on Form N-1A filed on March 6, 1996.
<PAGE>
<PAGE>
PART B
Supplement to the Statement of Additional Information for the Fund dated
March 13, 1997 to the Statement of Additional Information dated March 6, 1996.
<PAGE>
<PAGE>
Manning & Napier Fund, Inc.
World Opportunities Series
Annual Report
December 31, 1996
<PAGE>
Management Discussion and Analysis
Dear Shareholders:
The World Opportunities Series was activated on September 6, 1996. The
objective of this Series is to provide long-term growth through investments in
common stocks of companies throughout the world. Stocks are chosen for
inclusion in the portfolio through analysis of individual companies using
Manning & Napiers traditional investment strategies and pricing disciplines.
As you might expect from an investment approach which emphasizes individual
security selection, portfolio holdings have been chosen selectively. By the
end of 1996, the portfolio was fully invested, and sixteen countries,
including the United States, were represented in the Series portfolio. The
holdings include stocks of Asian, European, North American, and Latin American
companies. Our analysts also examine the currencies of the countries in which
stocks are held, and currencies are hedged where appropriate.
The last two years have seen extraordinary returns in the U.S. stock market,
while international stocks have turned in strong, but less remarkable,
returns. We feel that the high valuation of the U.S. market is a compelling
argument for diversifying the stock portion of your portfolio by adding
international securities.
We wish you a healthy, happy, and prosperous 1997.
Sincerely,
Manning & Napier Advisors, Inc.
1
<PAGE>
<TABLE>
<CAPTION>
Performance Update as of December 31, 1996
Manning & Napier Fund, Inc.
World Opportunities Series
<S> <C> <C> <C>
Total Return
Through Growth of $10,000 Average
12/31/96 Investment Cumulative Annual
Inception 2 $ 10,482 4.82% N/A
</TABLE>
<TABLE>
<CAPTION>
S&P 500 Total Return Index
<S> <C> <C> <C>
Total Return
Through Growth of $10,000 Average
12/31/96 Investment Cumulative Annual
Inception 2 $ 11,372 13.72% N/A
</TABLE>
<TABLE>
<CAPTION>
Morgan Stanley Capital
International World Index
<S> <C> <C> <C>
Total Return
Through Growth of $10,000 Average
12/31/96 Investment Cumulative Annual
Inception 2 $ 10,865 8.65% N/A
</TABLE>
The value of a $10,000 investment in the Manning & Napier Fund, Inc. - World
Opportunities Series from its inception (9/6/96) to present (12/31/96) as
compared to the Standard & Poor's (S&P) 500 Total Return Index and the Morgan
Stanley Capital International World Index. 1
<graphic>
<line chart>
Data for line chart to follow:
<TABLE>
<CAPTION>
Date Manning & Napier World Standard & Poors Morgan Stanley Capital
Opportunities Series 500 Total Return Index International World Index
<S> <C> <C> <C>
09/06/96 10,000 10,000 10,000
09/30/96 10,040 10,497 10,390
10/31/96 9,930 10,787 10,460
11/30/96 10,330 11,602 11,044
12/31/96 10,482 11,372 10,865
</TABLE>
1 The Standard & Poor (S&P) 500 Total Return Index is an unmanaged
capitalization-weighted measure of 500 widely held common stocks listed on the
New York Stock Exchange, American Stock Exchange, and Over-the-Counter
market. The Morgan Stanley Capital International World Index is a market
capitalization-weighted measure of the total return of 1,570 companies listed
on
the stock exchanges of the United States, Europe, Canada, Australia, New
Zealand and the Far East. The Morgan Stanley Capital International World
Index is
denominated in U.S. Dollars. The Indices' returns assume reinvestment of
dividends and, unlike Fund returns, do not reflect any fees or expenses.
2 Performance numbers for the Fund and Indices are calculated from
September 6, 1996, the Fund's inception date. The Fund's performance is
historical and may not be indicative of future results.
2
<PAGE>
<TABLE>
<CAPTION>
Investment Portfolio - December 31, 1996
Value
Shares (Note 2)
<S> <C> <C>
COMMON STOCK - 91.5%
BRAZIL - 3.9%
HOUSEHOLD APPLIANCES - 3.9%
Brasmotor S.A. (Identified Cost $2,920,284) 10,800,000 $ 3,000,297
GERMANY - 2.2%
FOOTWEAR & RELATED APPAREL - 2.2%
Adidas AG (Identified Cost $1,651,677) 19,800 1,711,052
HONG KONG - 17.5%
BEVERAGES - 2.6%
Vitasoy Intl. Holdings Ltd. 4,610,000 2,011,591
BROADCAST MEDIA - 4.1%
Television Broadcasts Ltd. 800,000 3,196,049
COMPUTER EQUIPMENT - 2.7%
Varitronix International Ltd. 1,151,000 2,083,379
ELECTRONIC PRODUCTS - 1.7%
VTech Holdings Ltd. 720,000 1,293,934
HOUSEHOLD APPLIANCES - 2.0%
Guangdong Kelon Electronics Hldg. 2,348,000 1,517,865
SOFTWARE - 4.4%
Founder Hong Kong Ltd.* 8,848,000 3,403,275
TOTAL HONG KONG SECURITIES
(Identified Cost $12,937,016) 13,506,093
INDONESIA - 3.4%
TOBACCO - 3.4%
PT Hanjaya Mandala Sampoerna
(Identified Cost $2,238,889) 495,000 2,639,436
ITALY - 3.1%
ENERGY SOURCES - OIL/GAS - 3.1%
Edison S.p.A. (Identified Cost $2,322,193) 375,000 2,371,536
JAPAN - 9.3%
SOFTWARE - 4.7%
NTT Data Corp. 125 3,662,471
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
<TABLE>
<CAPTION>
Investment Portfolio - December 31, 1996
Value
Shares (Note 2)
<S> <C> <C>
ELECTRONIC PRODUCTS - 4.6%
Toshiba Corp. 570,000 $3,586,499
TOTAL JAPANESE SECURITIES
(Identified Cost $7,352,229) 7,248,970
SOUTH KOREA - 2.9%
ELECTRONIC PRODUCTS - 2.9%
Samsung Electronics Co. (Identified Cost $3,113,103) 42,000 2,272,561
NETHERLANDS - 2.7%
RETAIL - FOOD - 2.7%
Koninklije Ahold NV (Identified Cost $1,957,575) 34,000 2,124,619
SWITZERLAND - 2.7%
FOOD - MISCELLANEOUS - 2.7%
Nestle SA (Identified Cost $2,120,230) 1,920 2,056,671
UNITED KINGDOM - 3.9%
FOOD - MISCELLANEOUS - 3.9%
Grand Metropolitan PLC (Identified Cost $2,863,704) 380,000 2,987,815
UNITED STATES - 39.9%
CRUDE PETROLEUM & NATURAL GAS - 5.1%
YPF Sociedad Anonima - ADR 156,000 3,939,000
JEWELRY - 4.2%
Tag Heuer International SA - ADR* 200,000 3,225,000
MACHINERY - 2.3%
ASM Lithography Hldg. - ADR* 35,000 1,743,438
PHOTOGRAPHIC EQUIPMENT & SUPPLIES - 3.7%
Eastman Kodak Co. 36,000 2,889,000
RETAIL - WHOLESALE - 2.4%
Coleman Company, Inc.* 134,000 1,842,500
TELECOMMUNICATIONS - 22.2%
EQUIPMENT - 9.0%
ECI Telecommunications, Ltd. 152,000 3,230,000
Nokia Corp. Ab - ADR 65,000 3,745,625
6,975,625
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
<TABLE>
<CAPTION>
Investment Portfolio - December 31, 1996
Shares Value
Principal/Amount (Note 2)
<S> <C> <C>
TELECOMMUNICATIONS (continued)
SERVICE - 13.2%
Compania Anonima Nacional Telefonos de
Venezuela (CANTV) - ADR* 95,000 $ 2,671,875
Stet Societa' Finanziaria Telefonica S.p.A. - ADR 85,000 3,771,875
Telecomunicacoes Brasileiras - ADR 40,000 3,060,000
Vimpel Communications - ADR* 30,000 708,750
10,212,500
17,188,125
TOTAL UNITED STATES SECURITIES
(Identified Cost $28,541,345) 30,827,063
TOTAL COMMON STOCK
(Identified Cost $68,018,245) 70,746,113
SHORT-TERM INVESTMENTS - 7.7%
Federal National Mortgage Corporation Discount
Note, 1/28/97 $ 6,000,000 5,974,846
Dreyfus U.S. Treasury Money Market 228 228
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $5,975,074) 5,975,074
TOTAL INVESTMENTS - 99.2%
(Identified Cost $73,993,319) 76,721,187
OTHER ASSETS, LESS LIABILITIES - 0.8% 598,315
NET ASSETS -100% $77,319,502
</TABLE>
*Non-income producing security.
<TABLE>
<CAPTION>
FEDERAL TAX INFORMATION:
<S> <C>
At December 31, 1996, the net unrealized appreciation based on identified cost for
federal income tax purposes of $73,993,319 was as follows:
Aggregate gross unrealized appreciation for all investments
in which there was an excess of value over tax cost $ 4,983,589
Aggregate gross unrealized depreciation for all investments
in which there was an excess of tax cost over value (1,874,019)
UNREALIZED APPRECIATION - NET $ 3,109,570
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
<TABLE>
<CAPTION>
INDUSTRY CONCENTRATION (AS A PERCENT OF NET ASSETS)
<S> <C>
Telecommunication- Equipment & Service 22.2%
Food - Retail/Miscellaneous 9.3%
Electronic Products 9.2%
Software 9.1%
Beverage & Tobacco 6.0%
Household Appliances 5.9%
Crude Petroleum & Natural Gas 5.1%
Jewelry 4.2%
Broadcast Media 4.1%
Photographic Equipment & Supplies 3.7%
Energy Sources -Oil/Gas 3.1%
Computer Equipment 2.7%
Machinery 2.3%
Footwear & Related Apparel 2.2%
Retail - Wholesale 2.4%
Total Common Stock 91.5%
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
DECEMBER 31, 1996
<S> <C>
ASSETS:
Investments, at value (Identified Cost $73,993,319)
(Note 2) $76,721,187
Foreign currency, at value (cost $1,233,378) 1,232,914
Cash 600,209
Receivable for forward foreign currency exchange
contracts sold (Note 2) 12,786,593
Receivable for fund shares sold 41,590
Dividends receivable 36,011
TOTAL ASSETS 91,418,504
LIABILITIES:
Accrued management fees (Note 3) 63,528
Accrued Directors' fees (Note 3) 1,667
Payable for forward foreign currency contracts sold,
at value (Note 2) 12,404,891
Payable for securities purchased 1,155,332
Payable for fund shares redeemed 436,235
Audit fee payable 8,000
Custodian fee payable 7,160
Other payables and accrued expenses 3,371
TOTAL LIABILITIES 14,080,184
NET ASSETS FOR 7,418,858 SHARES
OUTSTANDING $77,338,320
NET ASSETS CONSIST OF:
Capital stock $ 74,188
Additional paid-in-capital 74,129,697
Accumulated net realized gain on investments 21,631
Net unrealized appreciation on investments, foreign currency,
forward currency contracts, and other assets and liabilities 3,112,804
TOTAL NET ASSETS $77,338,320
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
($77,338,320/7,418,858 shares) $ 10.42
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
Statement of Operations
<TABLE>
<CAPTION>
FOR THE PERIOD SEPTEMBER 6, 1996 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 1996
<S> <C>
INVESTMENT INCOME:
Interest $ 501,370
Dividends (net of withholding) 130,415
Total Investment Income 631,785
EXPENSES:
Management fees (Note 3) 224,344
Directors' fees (Note 3) 3,334
Custodian fee 24,856
Audit fee 8,000
Miscellaneous 4,175
Total Expenses 264,709
NET INVESTMENT INCOME 367,076
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS:
Net realized gain on -
Investments (identified cost basis) 90,342
Foreign currency and forward foreign currency
exchange contracts 3,047
Net realized gain on investments 93,389
Net change in unrealized appreciation on -
Investments 2,727,868
Foreign currency and forward currency contracts and other
assets and liabilities 384,936
Net unrealized appreciation on investments 3,112,804
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS 3,206,193
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $3,573,269
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
For the Period
9/6/96 (commencement
of operations)
to 12/31/96
INCREASE (DECREASE) IN NET ASSETS:
<S> <C>
OPERATIONS:
Net investment income $ 367,076
Net realized gain on investments 93,389
Net change in unrealized appreciation on investments 3,112,804
Net increase in net assets from operations 3,573,269
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
From net investment income (370,123)
From net realized gain on investments (68,711)
Total distributions to shareholders (438,834)
CAPITAL STOCK ISSUED AND REDEEMED:
Net increase in net assets from capital share
transactions (Note 5) 74,203,885
Net increase in net assets 77,338,320
NET ASSETS:
Beginning of period --
End of period $ 77,338,320
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
For the Period
9/6/96 (commencement
of operations)
to 12/31/96
<S> <C>
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT
THE PERIOD):
NET ASSET VALUE - BEGINNING OF PERIOD $ 10.00
Income from investment operations:
Net investment income 0.051
Net realized and unrealized gain
on investments 0.429
Total from investment operations 0.480
Less distributions to shareholders:
From net investment income (0.051)
From net realized gain on investments (0.009)
Total distributions to shareholders (0.060)
NET ASSET VALUE - END OF PERIOD $ 10.42
Total return 1: 4.82%
Ratios of expenses (to average net assets) /
Supplemental Data:
Expenses 1.17%2
Net investment income 1.54%2
Portfolio turnover 1%
Average commission rate paid $ 0.0065
NET ASSETS - END OF PERIOD (000'S OMITTED) $ 77,338
1 Represents aggregate total return for the period indicated.
2 Annualized.
</TABLE>
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
Notes to Financial Statements
1. ORGANIZATION
World Opportunities Series (the "Fund") is a no-load non-diversified
series of Manning & Napier Fund, Inc. (the "Corporation"). The
Corporation is organized in Maryland and is registered under the
Investment Company Act of 1940, as amended, as an open- end management
investment company.
Shares of the Fund are offered to clients and employees 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 December
31, 1996, 940 million shares have been designated in total among 19
series, of which 50 million have been designated as World Opportunities Series
Class U 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 last
quoted sales price of the exchange on which the security is primarily
traded. Securities not traded on valuation date or securities not
listed on an exchange are valued at the latest quoted bid price.
Debt securities, including government bonds and mortgage backed
securities, will normally be valued on the basis of evaluated bid prices.
Securities for which representative prices are not available from the
Fund's pricing service are valued at fair value as determined in good
faith by Advisor under procedures established by and under the general
supervision and responsibility of the Fund's Board of Directors.
Short-term investments that mature in sixty (60) days or less are valued
at amortized cost which approximates market value.
SECURITY TRANSACTIONS, INVESTMENT INCOME AND EXPENSES
Security transactions are accounted for on the date the securities are
purchased or sold. Dividend income is recorded on the ex-dividend date.
Interest income and expenses are recorded on an accrual basis.
Most expenses of the Corporation can be attributed to a specific fund.
Expenses which cannot be directly attributed are apportioned among the
funds in the Corporation.
11
<PAGE>
Notes to Financial Statements
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
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 tax or
excise tax has been made in the financial statements.
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 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.
The Fund hereby designates $36,569 as capital gain dividends for the year
ended December 31, 1996.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Fund are maintained in U.S. dollars.
Foreign currency amounts are translated into U.S. dollars on the following
basis: a) investment securities, other assets and liabilities are
converted to U.S. dollars based upon current exchange rates; and b)
purchase and sales of securities and income and expenses are converted into
U.S. dollars based upon the currency exchange rates prevailing on the
respective dates of such transactions.
Gains and losses attributable to foreign currency exchange rates are
recorded for financial statement purposes as net realized gains and losses
on investments. The portion of both realized and unrealized gains and
losses on investment that result from fluctuations in foreign currency
exchange rates is not separately stated.
12
<PAGE>
Notes to Financial Statements
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
The Fund may purchase or sell forward foreign currency contracts in order
to hedge a portfolio position or specific transaction. Risks may arise if
the counterparties to a contract are unable to meet the terms of the
contract or if the value of the foreign currency moves unfavorably.
All forward foreign currency contracts are adjusted daily by the exchange
rate of the underlying currency and, for financial statement purposes, any
gain or loss is recorded as unrealized gain or loss until a contract has
been closed. Realized and unrealized gain or loss arising from a
transaction is included in net realized and unrealized gain (loss) from
foreign currency and forward currency exchange contracts.
The Fund regularly trades forward foreign currency exchange contracts
with off-balance sheet risk in the normal course of its investing
activities to assist in managing exposure to changes in foreign currency
exchange rates.
The notional or contractual amount of these instruments represents the
investment the Fund has in forward foreign currency exchange contracts and
does not necessarily represent the amounts potentially at risk. The
measurement of the risks associated with forward foreign currency exchange
contracts is meaningful only when all related and offsetting transactions
are considered. A summary of obligations for forward currency exchange
contracts sold on December 31, 1996 is as follows:
<TABLE>
<CAPTION>
Net Unrealized
Settlement Contracts In Exchange Contracts Appreciation/
Date to Deliver For At Value (Depreciation)
<C> <S> <C> <C> <C>
04/04/97 Dutch Guilder $ 1,976,168 $ 1,950,409 $ 25,759
01/08/97 Japanese Yen 1,263,923 1,202,736 61,187
01/08/97 Japanese Yen 1,215,371 1,176,778 38,593
04/04/97 Japanese Yen 3,637,160 3,634,286 2,874
04/04/97 Swiss Franc 1,217,137 1,128,987 88,150
04/04/97 Swiss Franc 568,736 526,860 41,876
04/04/97 Swiss Franc 798,722 752,658 46,064
04/04/97 Swiss Franc 2,109,375 2,032,176 77,199
</TABLE>
On December 31, 1996, the Fund had sufficient cash and/or securities to
cover any commitments under these contracts.
13
<PAGE>
Notes to Financial Statements
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
OTHER
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
the disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of the revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
3. TRANSACTIONS WITH AFFILIATES
The Fund has an investment advisory agreement with Manning & Napier
Advisors, Inc. (the "Advisor"), for which the 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 $224,344 for the period
September 6, 1996 (commencement of operations) to December 31, 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 has agreed that, in any fiscal year, if the expenses of the
Fund (including the advisory fee but excluding interest, taxes, brokerage
commissions, and extraordinary expenses) exceed the limits set by
applicable regulation of state securities commissions, the Advisor will
reduce its fee by the amount of such excess.
The Advisor also acts as the transfer, dividend paying and shareholder
servicing agent for the Fund. These services are provided at no
additional cost to the Fund.
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 $3,334 for the
period September 6, 1996 (commencement of operations) to December 31,
1996.
14
<PAGE>
Notes to Financial Statements
4. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities, other than short-term securities, were
$68,223,244 and $294,390, respectively, for the period September 6, 1996
(commencement of operations) to December 31, 1996.
5. CAPITAL STOCK TRANSACTIONS
Transactions in shares of World Opportunities Series were:
<TABLE>
<CAPTION>
For the Period 9/6/96
(commencement of
operations) to 12/31/96
Shares Amount
------------------------ ------------
<S> <C> <C>
Sold 7,582,503 $75,856,659
Reinvested 43,147 433,194
Repurchased (206,792) (2,085,968)
Total 7,418,858 $74,203,885
</TABLE>
6. FOREIGN SECURITIES
Investing in securities of foreign companies and foreign governments
involves special risks and considerations not typically associated with
investing in securities of U.S. companies and the United States
government. These risks include revaluation of currencies and future
adverse political and economic developments. Moreover, securities of many
foreign companies and foreign governments and their markets may be less
liquid and their prices more volatile than of those securities of
comparable U.S. companies and the United States government.
15
<PAGE>
Independent Auditors' Report
TO THE SHAREHOLDERS AND DIRECTORS OF
MANNING & NAPIER FUND, INC.- WORLD OPPORTUNITIES SERIES:
We have audited the accompanying statement of assets and liabilities of
Manning & Napier Fund, Inc.- World Opportunities Series, including the
schedule of portfolio investments, as of December 31, 1996, and the related
statement of operations, the statement of changes in net assets, and the
financial highlights for the period September 6, 1996 (commencement of
operations) to December 31, 1996. These financial statements and financial
highlights are the responsibility of the Funds management. Our responsibility
is to express an opinion on these financial statements and financial
highlights based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of December 31, 1996 by correspondence with the custodian and
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Manning & Napier Fund, Inc.- World Opportunities Series as of December 31,
1996, the results of its operations, the changes in its net assets, and the
financial highlights for the period September 6, 1996 (commencement of
operations) to December 31, 1996 in conformity with generally accepted
accounting principles.
COOPERS & LYBRAND L.L.P.
BOSTON, MASSACHUSETTS
JANUARY 23, 1997
16
<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. 25 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 13th day of March, 1997.
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. 25 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 3/13/97
- ----------------------- -------
William Manning Officer
/s/B. Reuben Auspitz Director and Officer 3/13/97
- ----------------------- -------
B. Reuben Auspitz
/s/Martin F. Birmingham Director 3/13/97
- ----------------------- -------
Martin F. Birmingham
/s/Harris H. Rusitzky Director 3/13/97
- ----------------------- -------
Harris H. Rusitzky
/s/Peter L. Faber Director 3/13/97
- ----------------------- -------
Peter L. Faber
/s/Stephen B. Ashley Director 3/13/97
- ----------------------- -------
Stephen B. Ashley
/s/Timothy P. Mullaney Chief Financial & 3/13/97
- ----------------------- Accounting Officer, -------
Timothy P. Mullaney Treasurer
</TABLE>
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 0000751173
<NAME> MANNING & NAPIER FUND, INC.
<SERIES>
<NAME> WORLD OPPORTUNITIES SERIES
<NUMBER> 19
<MULTIPLIER> 1
<CURRENCY> 1
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