<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>000010 - Document - Risk/Return Supplement {Unlabeled} - MANNING &amp; NAPIER FUND, INC /NY/</ReportLongName><DisplayLabelColumn>false</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode /><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol /><contextRef><ContextID>Duration_02May2012_01May2013</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000751173</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2012-05-02T00:00:00</PeriodStartDate><PeriodEndDate>2013-05-01T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS /><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels /></Column></Columns><Rows><Row FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>3</Level><ElementName>mnfi_SupplementTextBlock</ElementName><ElementPrefix>mnfi_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="Duration_02May2012_01May2013" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin-top:0px;margin-bottom:0px" align="center"&gt;&lt;b&gt;MANNING&amp;nbsp;&amp;amp; NAPIER FUND, INC. &lt;/b&gt;&lt;/p&gt; &lt;p style="margin-top:12px;margin-bottom:0px" align="center"&gt;Supplement dated August&amp;nbsp;1, 2013 to the combined Prospectus (the &amp;#8220;Prospectus&amp;#8221;) dated May&amp;nbsp;1, 2013 for the following Series: &lt;/p&gt; &lt;p style="font-size:12px;margin-top:0px;margin-bottom:0px"&gt;&amp;nbsp;&lt;/p&gt; &lt;table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"&gt;   &lt;tr&gt; &lt;td width="51%"&gt;&lt;/td&gt; &lt;td valign="bottom" width="2%"&gt;&lt;/td&gt; &lt;td width="47%"&gt;&lt;/td&gt;&lt;/tr&gt;   &lt;tr&gt; &lt;td valign="top"&gt; &lt;div style="margin-left:1.00em; text-indent:-1.00em"&gt;&lt;b&gt;Small Cap Series &amp;#150; Class A&lt;/b&gt;&lt;/div&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;font size="1"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;b&gt;Core Bond Series&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt; &lt;tr&gt; &lt;td valign="top"&gt; &lt;div style="margin-left:1.00em; text-indent:-1.00em"&gt;&lt;b&gt;Commodity Series&lt;/b&gt;&lt;/div&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;font size="1"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;b&gt;Core Plus Bond Series&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt; &lt;tr&gt; &lt;td valign="top"&gt; &lt;div style="margin-left:1.00em; text-indent:-1.00em"&gt;&lt;b&gt;Technology Series&lt;/b&gt;&lt;/div&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;font size="1"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;b&gt;Real Estate Series &amp;#150; Class S and I&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt; &lt;tr&gt; &lt;td valign="top"&gt; &lt;div style="margin-left:1.00em; text-indent:-1.00em"&gt;&lt;b&gt;International Series &amp;#150; Class S and I&lt;/b&gt;&lt;/div&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;font size="1"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;b&gt;Emerging Markets Series&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt; &lt;tr&gt; &lt;td valign="top"&gt; &lt;div style="margin-left:1.00em; text-indent:-1.00em"&gt;&lt;b&gt;Life Sciences Series&lt;/b&gt;&lt;/div&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;font size="1"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;b&gt;Inflation Focus Equity Series&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt; &lt;tr&gt; &lt;td valign="top"&gt; &lt;div style="margin-left:1.00em; text-indent:-1.00em"&gt;&lt;b&gt;World Opportunities Series &amp;#150; Class A&lt;/b&gt;&lt;/div&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;font size="1"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;b&gt;Diversified Tax Exempt Series&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt; &lt;tr&gt; &lt;td valign="top"&gt; &lt;div style="margin-left:1.00em; text-indent:-1.00em"&gt;&lt;b&gt;High Yield Bond Series &amp;#150; Class S and I&lt;/b&gt;&lt;/div&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;font size="1"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;b&gt;New York Tax Exempt Series&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt; &lt;tr&gt; &lt;td valign="top"&gt; &lt;div style="margin-left:1.00em; text-indent:-1.00em"&gt;&lt;b&gt;Global Fixed Income Series &amp;#150; Class S and I&lt;/b&gt;&lt;/div&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;font size="1"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/td&gt; &lt;td valign="bottom"&gt;&lt;b&gt;Ohio Tax Exempt Series&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt; &lt;/table&gt; &lt;p style="margin-top:14px;margin-bottom:0px"&gt;&lt;b&gt;This supplement provides new and additional information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus. &lt;/b&gt;&lt;/p&gt;&lt;p style="font-size:6px;margin-top:0px;margin-bottom:0px"&gt;&amp;nbsp;&lt;/p&gt; &lt;table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"&gt; &lt;tr&gt; &lt;td width="4%" valign="top" align="left"&gt;1.&lt;/td&gt; &lt;td align="left" valign="top"&gt;Effective August&amp;nbsp;1, 2013, the shares of the Core Plus Bond Series, which previously did not have a class name designation, have been redesignated as Class S Shares. Class S Shares of the Core Plus Bond Series are offered in a separate prospectus.&amp;nbsp;Accordingly, effective August&amp;nbsp;1, 2013, shares of the Core Plus Bond Series are no longer offered in the Prospectus, and all references to the Core Plus Bond Series in the Prospectus are hereby deleted.&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Supplement Text Block.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Supplement [Text Block]</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>Risk/Return Supplement  - MANNING &amp; NAPIER FUND, INC /NY/</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://www.manning-napier.com/role/DocumentRiskReturnSupplementUnlabeledMANNINGNAPIERFUNDINCNY</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>1</NumberOfRows></InstanceReport>
