0001193125-18-161750.txt : 20180514 0001193125-18-161750.hdr.sgml : 20180514 20180514093305 ACCESSION NUMBER: 0001193125-18-161750 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 52 FILED AS OF DATE: 20180514 DATE AS OF CHANGE: 20180514 EFFECTIVENESS DATE: 20180514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANNING & NAPIER FUND, INC. CENTRAL INDEX KEY: 0000751173 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-92633 FILM NUMBER: 18828966 BUSINESS ADDRESS: STREET 1: 290 WOODCLIFF DRIVE CITY: FAIRPORT STATE: NY ZIP: 14450 BUSINESS PHONE: 585-325-6880 MAIL ADDRESS: STREET 1: 290 WOODCLIFF DRIVE CITY: FAIRPORT STATE: NY ZIP: 14450 FORMER COMPANY: FORMER CONFORMED NAME: MANNING & NAPIER FUND, INC /NY/ DATE OF NAME CHANGE: 20060929 FORMER COMPANY: FORMER CONFORMED NAME: EXETER FUND INC /NY/ DATE OF NAME CHANGE: 19980226 FORMER COMPANY: FORMER CONFORMED NAME: MANNING & NAPIER FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANNING & NAPIER FUND, INC. CENTRAL INDEX KEY: 0000751173 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04087 FILM NUMBER: 18828967 BUSINESS ADDRESS: STREET 1: 290 WOODCLIFF DRIVE CITY: FAIRPORT STATE: NY ZIP: 14450 BUSINESS PHONE: 585-325-6880 MAIL ADDRESS: STREET 1: 290 WOODCLIFF DRIVE CITY: FAIRPORT STATE: NY ZIP: 14450 FORMER COMPANY: FORMER CONFORMED NAME: MANNING & NAPIER FUND, INC /NY/ DATE OF NAME CHANGE: 20060929 FORMER COMPANY: FORMER CONFORMED NAME: EXETER FUND INC /NY/ DATE OF NAME CHANGE: 19980226 FORMER COMPANY: FORMER CONFORMED NAME: MANNING & NAPIER FUND INC DATE OF NAME CHANGE: 19920703 0000751173 S000003629 World Opportunities Series C000010095 Class S EXWAX 0000751173 S000003630 International Series C000010096 Class S EXITX C000109539 Class I MNIIX 0000751173 S000003631 Core Bond Series C000010097 Class S EXCRX C000158991 Class I EXCIX 0000751173 S000003632 Unconstrained Bond Series C000010098 Class S EXCPX C000129800 Class I MNCPX 0000751173 S000003633 Global Fixed Income Series C000010099 Class I MNGIX C000122196 Class S MNGSX 0000751173 S000003634 High Yield Bond Series C000010100 Class S MNHYX C000116786 Class I MNHAX 0000751173 S000003635 Ohio Tax Exempt Series C000010101 Ohio Tax Exempt Series EXOTX 0000751173 S000003637 New York Tax Exempt Series C000010107 New York Tax Exempt Series EXNTX 0000751173 S000003638 Diversified Tax Exempt Series C000010108 Diversified Tax Exempt Series EXDVX 0000751173 S000025218 Real Estate Series C000075173 Class S MNREX C000116787 Class I MNRIX 0000751173 S000037678 Strategic Income Conservative Series C000116165 Class S MSCBX C000116166 Class I MSCIX 0000751173 S000037679 Strategic Income Moderate Series C000116167 Class S MSMSX C000116168 Class I MSMAX 0000751173 S000042691 Equity Income Series C000131963 Class S MNESX C000131964 Class I MNEIX 485BPOS 1 d560788d485bpos.htm MANNING & NAPIER FUND, INC. Manning & Napier Fund, Inc.

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON

May 14, 2018

Registration Nos. 2-92633

811-04087

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ ]

Post-Effective Amendment No. 202                              [X]

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ ]

Amendment No. 203                    [X]

MANNING & NAPIER FUND, INC.

(Exact name of registrant as specified in charter)

290 Woodcliff Drive

Fairport, NY 14450

(Address of Principal Executive Offices) (Zip Code)

(Registrant’s Telephone Number, Including Area Code)

(585) 325-6880

Michele T. Mosca

c/o Manning & Napier Fund, Inc.

290 Woodcliff Drive

Fairport, NY 14450

(Name and Address of Agent for Service)

Copies to:

Timothy W. Levin, Esquire

Morgan, Lewis & Bockius, LLP

1701 Market St.

Philadelphia, PA 19103

It is proposed that this filing will become effective:

/X/ immediately upon filing pursuant to paragraph (b)

/  / on (date) pursuant to paragraph (b)

/  / 60 days after filing pursuant to paragraph (a)(1)

/ / on (date) pursuant to paragraph (a)(1)

/    / 75 days after filing pursuant to paragraph (a)(2)

/    / on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

/    / This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Title of Securities Being Registered: Investment Company Shares


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant duly 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 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Village of Fairport and State of New York on the 14th day of May 2018.

 

Manning & Napier Fund, Inc.

(Registrant)

By /s/ Michele T. Mosca

  Michele T. Mosca

  President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

 

Signature

 

Title

 

Date

/s/ Michele T. Mosca

Michele T. Mosca

  President, Principal Executive Officer, Director  

May 14, 2018

/s/        *                 

Harris H. Rusitzky

 

Director

 

May 14, 2018

/s/        *                 

Peter L. Faber

 

Director

 

May 14, 2018

/s/        *                 

Stephen B. Ashley

 

Director

 

May 14, 2018

/s/        *                 

Paul A. Brooke

 

Director

 

May 14, 2018

/s/        *                 

Chester N. Watson

 

Director

 

May 14, 2018

/s/ Christine Glavin

Christine Glavin

  Principal Financial Officer, Chief Financial Officer, Treasurer  

May 14, 2018

* By: /s/ Christine Glavin

              Christine Glavin

Pursuant to powers of attorney dated November 17, 2016 and January 10, 2017. See Item 28(q) of this Registration Statement.


Exhibit Index

 

EX-101.ins   

XBRL Instance Document

EX-101.sch   

XBRL Taxonomy Extension Schema Document

EX-101.cal   

XBRL Taxonomy Extension Calculation Linkbase Document

EX-101.lab   

XBRL Taxonomy Extension Labels Linkbase

EX-101.pre   

XBRL Taxonomy Extension Presentation Linkbase Document

EX-101.def   

XBRL Taxonomy Extension Definition Linkbase

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MANNING & NAPIER FUND, INC. 0000751173 false 2018-04-26 2018-04-30 Core Bond Series <br/><br/><b>Summary Section </b> Investment Goal The Series&#8217; investment objective is to provide long-term total return by investing primarily in fixed income securities. Fees and Expenses This table describes the fees and expenses you may pay if you buy and hold shares of the Series. CORE BOND SERIES<br/><br/><b>Shareholder Fees</b> (paid<br/>directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) Example The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series&#8217; operating expenses remain the same (taking into account the Advisor's contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Series pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 48% of the average value of its portfolio. Principal Investment Strategies The Series will invest, under normal circumstances, at least 80% of its net assets in investment grade bonds and other financial instruments, primarily exchange-traded funds (ETFs), with economic characteristics similar to bonds. For purposes of this policy, bonds may include U.S. dollar denominated fixed income securities issued by U.S. and foreign corporations and governments, inflation protected securities, convertible securities, pass-through securities, and mortgage dollar rolls, which are transactions in which the Series sells a mortgage-backed security and simultaneously contracts to purchase similar securities on a specified future date at a predetermined price. The corporate bonds may be issued by domestic corporations, foreign entities (e.g., yankee bonds), and/or supranational entities, such as the World Bank. Pass-through securities are generally issued by domestic entities (such as GNMA, FNMA, and FHLMC) and entitle the holders to a pro rata share of the cash flows generated by the instruments underlying the security (mortgages, credit card receivables, car loans, etc.). The Series may purchase shares of ETFs, including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series&#8217; portfolio more efficiently than would otherwise be possible.<br/><br/>Bond Selection Process &#8212; When investing in corporate and pass-through securities, the Advisor attempts to identify sectors, as well as individual securities within those sectors, that offer yields and credit/prepayment spreads sufficient to compensate the Series for the risks specific to a given sector or security. Credit spreads are a measure of the difference between corporate bonds&#8217; yields to maturity and those of U.S. Treasury securities with similar maturities; this difference compensates investors for the credit risk inherent in corporate bonds. Prepayment spreads quantify the additional yield paid by mortgage-backed bonds relative to U.S. Treasury securities to compensate investors for the risk that mortgage-backed securities&#8217; prepayments will vary over time.<br/><br/>In analyzing the relative attractiveness of sectors and/or individual securities, the Advisor considers:<ul type="square"><li>The relevant economic conditions and sector trends.</li></ul><ul type="square"><li>The interest rate sensitivities of the particular sectors and securities. </li></ul><ul type="square"><li>The yield differentials across sectors, credit qualities, pass-through security types, and maturities.</li></ul><ul type="square"><li>&#8220;Bottom-up&#8221; factors such as issuer-specific credit metrics for corporate bonds and coupon, prepayment, and convexity components (which reflect changing interest rate sensitivities) of pass-through securities.</li></ul>Maturity and Portfolio Duration &#8212; The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor&#8217;s outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security&#8217;s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.<br/><br/>Credit Quality &#8212; The Series will typically invest in investment grade securities, those securities rated BBB- or above by S&amp;P or Baa3 or above by Moody&#8217;s (or determined to be of equivalent quality by the Advisor).<br/><br/>The Series may buy and sell portfolio securities actively. If it does, its portfolio turnover rate and transaction costs will rise, which may lower fund performance and may increase the likelihood of capital gain distributions.<br/><br/>Securities issued by governments and supranational entities may be sold to adjust the Series' duration and/or yield curve positioning.<br/><br/>Other securities may be sold for one or more of the following reasons:<ul type="square"><li>they no longer meet the selection criteria under which they were purchased;</li></ul><ul type="square"><li> their relative value has declined (the spread has tightened such that they are no longer considered attractively priced);</li></ul><ul type="square"><li>a more attractive investment opportunity is identified.</li></ul>There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors. Principal Risks of Investing in the Series As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.<br/><br/>Management risk &#8212; The value of your investment may decline if the Advisor&#8217;s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.<br/><br/>Market risk &#8212; Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates, credit spreads, and prepayment spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:<ul type="square"><li>U.S. and/or foreign bond markets decline. </li></ul><ul type="square"><li>The issuer of a corporate bond owned by the Series defaults on its obligation to pay principal and/or interest or has its credit rating downgraded; this risk is greater for lower quality bonds. </li></ul><ul type="square"><li>Interest rates rise, credit spreads widen, and/or prepayment spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series&#8217; portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds. </li></ul><ul type="square"><li>Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.</li></ul>Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series&#8217; liquidity or force the Series to sell securities into a declining or illiquid market.<br/><br/>Risk of mortgage dollar rolls &#8212; The Series&#8217; mortgage dollar rolls could lose money if the price of the mortgage-backed securities sold falls below the agreed upon repurchase price, or if the counterparty is unable to honor the agreement.<br/><br/>Foreign securities risk &#8212; Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States.<br/><br/>Risks related to ETFs &#8212; The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.<br/><br/>Inflation protected security risk &#8212; The value of inflation protected fixed income securities, including Treasury Inflation Protected Securities (TIPS), generally will fluctuate in response to changes in &#8220;real&#8221; interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.<br/><br/>Convertible securities risk &#8212; The Series&#8217; investments in convertible securities are subject to interest rate risk and credit risk, similar to fixed income securities. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.<br/><br/>Mortgage- and asset-backed securities risks &#8212; The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:<ul type="square"><li>Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. </li></ul><ul type="square"><li>Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.</li></ul>Sector focus risk &#8212; Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.<br/><br/>Liquidity risk &#8212; The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.<br/><br/>Large redemption risk &#8212; Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series&#8217; shares. Redemptions by these institutions or individuals in the Series may impact the Series&#8217; liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series&#8217; portfolio turnover rate and transaction costs to rise, which may negatively affect the Series&#8217; performance and increase the likelihood of capital gain distributions for remaining shareholders.<br/><br/>The risks above could contribute to a decline in the value of the Series&#8217; investments and, consequently, the share price of the Series. Summary of Past Performance The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index. The Series&#8217; Class I shares commenced operations on August 3, 2015, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series&#8217; Class S shares. Because the Class I shares of the Series invest in the same portfolio of securities, returns for the Class I shares will be substantially similar to those of the Class S shares. Performance will be different only to the extent that the Class I shares have lower expenses. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com. Calendar Years Ended December 31 Quarterly Returns<br/>Highest (quarter ended 09/30/09): 6.81%<br/>Lowest (quarter ended 09/30/08): (3.80)% AVERAGE ANNUAL TOTAL RETURNS<br/>FOR PERIODS ENDED DECEMBER 31, 2017 The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series&#8217; financial statements) because the financial highlights include only the Series&#8217; direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. April 30, 2019 You could lose money by investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. www.manning-napier.com The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualFundOperatingExpenses000013 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualTotalReturnsBarChart000016 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleExpenseExampleTransposed000014 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleShareholderFees000012 column period compact * ~</div> Diversified Tax Exempt Series<br/><br/> <b>Summary Section </b> Investment Goal The Series&#8217; investment objective is to provide as high a level of current income exempt from federal income tax as the Advisor believes is consistent with the preservation of capital. Fees and Expenses This table describes the fees and expenses you may pay if you buy and hold shares of the Series. DIVERSIFIED TAX EXEMPT SERIES<br/><br/><b>Shareholder Fees </b><br/>(paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) Example The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series&#8217; operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Series pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 4% of the average value of its portfolio. Principal Investment Strategies The Series invests primarily in municipal bonds and other securities the income from which is exempt from federal income tax. The Series will, under normal circumstances, invest at least 80% of its net assets in securities the income from which is exempt from federal income tax, including the Alternative Minimum Tax (AMT). The main issuers of these securities are state and local agencies. In selecting investments for the Series, the Advisor attempts to balance the Series' goals of high income and capital preservation. With this approach, the Advisor attempts to build a portfolio that it believes provides the opportunity to earn current income; however, the Advisor will only purchase investment grade securities, or those securities determined by the Advisor to be of equivalent quality, and will maintain other selection criteria in an attempt to avoid permanent capital loss.<br /><br />Bond Selection Process &#8212; The Advisor emphasizes those bond market sectors and selects for the Series those securities that it believes offer yields sufficient to compensate the investor for the risks specific to the security or sector. In analyzing the relative attractiveness of sectors and individual securities, the Advisor considers:<ul type="square"><li>The interest rate sensitivity of each security.</li></ul><ul type="square"><li>The narrowing or widening of interest rate spreads between sectors, securities of different credit quality or securities of different maturities.</li></ul>Maturity and Portfolio Duration &#8212; The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor&#8217;s outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security&#8217;s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.<br /><br />Credit Quality &#8212; The Series&#8217; investments will be limited to investment grade securities, those rated BBB- or above by S&amp;P or Baa3 or above by Moody&#8217;s or determined by the Advisor to be of equivalent quality.<br /><br />The Series may invest in taxable investments, including obligations of the U.S. Government, its agencies or instrumentalities. The Series may also invest in money market instruments or hold its assets in cash. These investments may cause the Series to make a taxable distribution to shareholders.<br /><br />The Advisor will consider selling a security for one or more of the following reasons:<ul type="square"><li>to adjust the Series' duration and/or yield curve positioning;</li></ul><ul type="square"><li>there is a deterioration in the credit quality of the issuer;</li></ul><ul type="square"><li>the security's relative value has declined (the spread has tightened such that the security is no longer considered attractively priced); or</li></ul><ul type="square"><li>a more attractive investment opportunity is identified.</li></ul> Principal Risks of Investing in the Series As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.<br /><br />Management risk &#8212; The value of your investment may decline if the Advisor&#8217;s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.<br /><br />Market risk &#8212; Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates and/or credit spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:<ul type="square"><li>U.S. and/or foreign bond markets decline.</li></ul><ul type="square"><li>The issuer of a bond owned by the Series defaults on its obligation to pay principal or interest or has its credit rating downgraded.</li></ul><ul type="square"><li>Interest rates rise and/or credit spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series&#8217; portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.</li></ul><ul type="square"><li>Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.</li></ul>Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series' liquidity or force the Series to sell securities into a declining or illiquid market.<br /><br />Municipal bond risk &#8212; In addition to the general risks of bond funds, the Series is subject to the following additional risks due to its focus on municipal bonds:<ul type="square"><li>Changes in the financial condition of municipal issuers may adversely affect the value of the Series&#8217; securities.</li></ul><ul type="square"><li>Economic or political changes may affect the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Series.</li></ul><ul type="square"><li>Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations.</li></ul>Liquidity risk &#8212; The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.<br /><br />Large redemption risk &#8212; Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series&#8217; shares. Redemptions by these institutions or individuals in the Series may impact the Series&#8217; liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series&#8217; portfolio turnover rate and transaction costs to rise, which may negatively affect the Series&#8217; performance and increase the likelihood of capital gain distributions for remaining shareholders.<br /><br />The risks above could contribute to a decline in the value of the Series&#8217; investments and, consequently, the share price of the Series. Summary of Past Performance The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com. Calendar Years Ended December 31 Quarterly Returns<br/>Highest (quarter ended 09/30/09): 7.31%<br/>Lowest (quarter ended 12/31/10): (5.52)% AVERAGE ANNUAL TOTAL RETURNS<br/>FOR PERIODS ENDED DECEMBER 31, 2017 The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The total annual fund operating expenses in this fee table may not correlate to the expense ratio in the financial highlights in the prospectus (and in the Series&#8217; financial statements) because the financial highlights include only the Series&#8217; direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. You could lose money by investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. www.manning-napier.com The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Highest 2009-09-30 Lowest 2008-09-30 Highest 2009-09-30 Lowest 2010-12-31 <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualFundOperatingExpenses000023 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualTotalReturnsBarChart000026 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleExpenseExampleTransposed000024 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleShareholderFees000022 column period compact * ~</div> Equity Income Series<br/><br/><b>Summary Section </b> Investment Goal The Series&#8217; primary investment objectives are to provide current income and income growth, and it has a secondary goal of providing long-term capital appreciation. Fees and Expenses This table describes the fees and expenses you may pay if you buy and hold shares of the Series. EQUITY INCOME SERIES<br/><br/><b>Shareholder Fees</b> (paid<br/>directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) Example The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series&#8217; operating expenses remain the same (taking into account the Advisor's contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Series pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 52% of the average value of its portfolio. Principal Investment Strategies The Series seeks to provide current income and income growth, as well as long-term capital appreciation. The Series will invest, under normal circumstances, at least 80% of its net assets in equity securities. It invests primarily in income-producing equity securities. The Advisor uses a &#8220;bottom-up&#8221; strategy, focusing on individual security selection to identify companies that it believes will make attractive long-term investments and produce income. The Series may focus its investments in a small number of companies.<br /><br />The Series may invest in common stocks and other equity securities, such as preferred stocks, convertible securities, interests in real estate investment trusts (REITs), interests in business development companies (BDCs), limited partner interests in master limited partnerships (MLPs), and ETFs (defined below), as well as derivative instruments, principally options (as described below). The Series may invest in U.S. and foreign stocks, including those in emerging markets, and American Depository Receipts (ADRs). The Series may invest in securities of small-, large-, or mid-size companies.<br /><br />The Advisor uses a &#8220;bottom-up&#8221; strategy, focusing on individual security selection to identify companies that meet its investment criteria. In selecting securities for the Series, the Advisor seeks to identify stocks of companies that meet the following criteria:<ul type="square"><li>Companies that have the potential to provide a growing level of dividend income going forward.</li></ul><ul type="square"><li>Companies trading at a meaningful discount from their intrinsic value, where that value is a reflection of their current cash-generating ability rather than relying meaningfully on growth.</li></ul><ul type="square"><li>Companies that the Advisor expects to be beneficiaries of special situations, including those driven by cycles in the economy or in the capital markets.</li></ul>When the Advisor wishes to sell a security at a specified price, it may seek to generate additional gains for the Series by writing (selling) options on the underlying security.<br /><br />The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series&#8217; portfolio more efficiently than would otherwise be possible.<br /><br />The Advisor will consider selling a security if:<ul type="square"><li>it no longer fits the Series' investment strategies or valuation discipline;</li></ul><ul type="square"><li>it has reached the Advisor's target sell price; or</li></ul><ul type="square"><li>a more attractive investment opportunity is identified.</li></ul>There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors. Principal Risks of Investing in the Series As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.<br /><br />Management risk &#8212; The value of your investment may decline if the Advisor&#8217;s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.<br /><br />Market risk &#8212; Because the Series invests in stocks, the value of your investment will fluctuate in response to stock market movements. This means that you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:<ul type="square"><li> U.S. and/or foreign stock markets decline.</li></ul><ul type="square"><li>An adverse event, such as an unfavorable earnings report, depresses the value of one or more of the Series&#8217; portfolio holdings.</li></ul>Large-cap risk &#8212; Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments &#8212; small-cap stocks, for instance &#8212; the Series' performance could be reduced to the extent its portfolio is holding large-cap stocks.<br /><br/>Small- and mid-cap risk &#8212; The Series may also have special risks due to its investments in stocks of small- and mid-size companies. These risks include the following:<ul type="square"><li>The stocks of small- and mid-size companies may be subject to more abrupt or erratic market movements than the stocks of larger companies.</li></ul><ul type="square"><li>The stocks of small- and mid-size companies may be subject to liquidity risk because such stocks may have lower trading volume and be less marketable than the stocks of larger companies. Liquidity risk is further described below.</li></ul><ul type="square"><li>Small- and mid-size companies may have limited product lines, markets, or financial resources, and they may depend on a small management group. As a result, they fail more often than larger companies.</li></ul>Risks of dividend-paying common stocks &#8212; Dividend-paying common stocks may be subject to additional risk that may cause them to underperform other types of stocks. In addition, if stocks held by the Series reduce or stop paying dividends, the Series&#8217; ability to generate income may be affected.<br /><br />Foreign securities risk &#8212; Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign common stocks may, at times, move in a different direction than the prices of U.S. stocks. The Series&#8217; investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar.<br /><br />Emerging markets risk &#8212; The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series&#8217; investments in emerging market countries are subject to the following risks:<ul type="square"><li>Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.</li></ul><ul type="square"><li>Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.</li></ul><ul type="square"><li> It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.</li></ul><ul type="square"><li>There will tend to be an increased risk of price volatility associated with the Series&#8217; investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.</li></ul>Options risk &#8211; Options, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of an option contract may not correlate perfectly with the underlying investment. Investments in options are also subject to liquidity risk, which is described below.<br /><br />Risks related to ETFs &#8212; The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.<br /><br />Preferred stock risk &#8212; Preferred stocks are sensitive to interest rate changes, and are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of a Series&#8217; investment. The rights of preferred stocks on the distribution of a corporation&#8217;s assets in the event of a liquidation are generally subordinate to the rights associated with a corporation&#8217;s debt securities. Preferred stock may also be subject to prepayment risk similar to fixed income securities.<br /><br />Convertible securities risk &#8212; The Series&#8217; investments in convertible securities are subject to interest rate risk and credit risk, similar to fixed income securities. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.<br /><br />Risks of investing in BDCs &#8212; The Series' investments in BDCs are subject to additional risks. BDCs generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. Generally, little public information exists for the companies in which a BDC may invest and there is a risk that investors in the BDC may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. The Series will indirectly bear its proportionate share of any management and other operating expenses and of any performance based or incentive fees charged by the BDCs in which it invests, in addition to the expenses paid by the Series.<br /><br />Risks of investing in REITs &#8212; The Series&#8217; investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.<br /><br />Risks of investing in MLPs &#8212; The Series' investments in MLPs are subject to additional risks. MLPs often own several properties or businesses (or other interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP&#8217;s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. There may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. Additional risks involved with investing in a MLP are risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries.<br /><br />Risks of investing in a small number of companies &#8212; The Series may focus its investments in a small number of companies. If it does, changes in the market value of a single investment could cause greater fluctuations in the Series&#8217; share price than would occur in a fund with a broader range of holdings.<br /><br />Sector focus risk &#8212; Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.<br /><br />Liquidity risk &#8212; The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.<br /><br />Large redemption risk &#8212; Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series&#8217; shares. Redemptions by these institutions or individuals in the Series may impact the Series&#8217; liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series&#8217; portfolio turnover rate and transaction costs to rise, which may negatively affect the Series&#8217; performance and increase the likelihood of capital gain distributions for remaining shareholders.<br /><br />The risks above could contribute to a decline in the value of the Series&#8217; investments and, consequently, the share price of the Series. Summary of Past Performance The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the performance of the Class S shares of the Series for the full calendar year since its inception. The total return table shows how the average annual total returns for the Class S shares and Class I shares of the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com. Calendar Years Ended December 31 Quarterly Returns<br/>Highest (quarter ended 06/30/14): 7.47%<br/>Lowest (quarter ended 09/30/15): (7.34)% AVERAGE ANNUAL TOTAL RETURNS<br/>FOR PERIOD ENDED DECEMBER 31, 2017 The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series&#8217; financial statements) because the financial highlights include only the Series&#8217; direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. April 30, 2019 You could lose money by investing in the Series. The bar chart shows the performance of the Class S shares of the Series for the full calendar year since its inception. The total return table shows how the average annual total returns for the Class S shares and Class I shares of the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. www.manning-napier.com The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualFundOperatingExpenses000033 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualTotalReturnsBarChart000036 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleExpenseExampleTransposed000034 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleShareholderFees000032 column period compact * ~</div> Global Fixed Income Series <br/><br/><b>Summary Section </b> Investment Goal The Series&#8217; investment objective is to provide long-term total return by investing principally in fixed income securities of issuers located anywhere in the world. Fees and Expenses This table describes the fees and expenses you may pay if you buy and hold shares of the Series. GLOBAL FIXED INCOME SERIES<br/><br/><b>Shareholder Fees</b> (paid<br/>directly from your investment) <b>Annual Fund Operating Expenses </b> (expenses that you pay each year as a percentage of the value of your investment) Example The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series&#8217; operating expenses remain the same (taking into account the Advisor's contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Series pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, will affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 34% of the average value of its portfolio. Principal Investment Strategies The Series seeks to provide a high level of long-term total return, which is a combination of income and capital appreciation. The Series will invest, under normal circumstances, at least 80% of its assets in fixed income securities. These securities may be issued by issuers located anywhere in the world, including emerging markets. Under normal circumstances, the Series will invest at least 40% of its net assets in securities issued by non-U.S. companies or non-U.S. governments, their agencies, or instrumentalities. The Series&#8217; portfolio will consist primarily of government debt securities and of investment grade corporate debt securities, bank debt, securitized/collateralized instruments, and money market securities. The Series may also invest a substantial portion of its assets in high-yield, high-risk bonds, commonly called junk bonds.<br/><br/>The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series&#8217; portfolio more efficiently than would otherwise be possible.<br/><br/>The Series may, but is not required to, undertake hedging activities and may invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.<br/><br/>Bond Selection Process &#8212; The Advisor attempts to identify bond market sectors and individual securities that offer yields sufficient for the risks specific to the sector or security. In analyzing the relative attractiveness of countries, sectors, and individual securities, the Advisor considers:<ul type="square"><li>Relative economic conditions of each country. </li></ul><ul type="square"><li>Interest rate sensitivity of particular countries, sectors, and securities. </li></ul><ul type="square"><li>Differences in yields offered by bonds of different sectors, credit quality, or maturities. </li></ul><ul type="square"><li>The impact of currency changes on the sectors. </li></ul>Maturity and Portfolio Duration &#8212; The Series is not subject to any maturity or duration restrictions but will vary its average dollar-weighted portfolio maturity and duration depending on the Advisor&#8217;s outlook for yields and currency fluctuations. For example, the Advisor may invest in longer-term fixed income securities when it expects yields to fall in a given country in an attempt to realize gains for the Series. Likewise, the Advisor may invest in shorter-term fixed income securities when it expects yields to rise or the currency to appreciate in a given country. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security&#8217;s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.<br/><br/>Credit Quality &#8212; The Series invests primarily in investment grade securities but may invest up to 20% of its assets in lower quality bonds, commonly known as &#8220;junk bonds,&#8221; those rated below BBB- by S&amp;P or Baa3 by Moody&#8217;s, or determined to be of equivalent quality by the Advisor.<br/><br/>Securities issued by governments and supranational entities may be sold to adjust the Series' duration and/or yield curve positioning.<br/><br/>Other securities may be sold for one or more of the following reasons:<ul type="square"><li>they no longer meet the selection criteria under which they were purchased;</li></ul><ul type="square"><li>their relative value has declined (the spread has tightened such that they are no longer considered attractively priced);</li></ul><ul type="square"><li>a more attractive investment opportunity is identified.</li></ul>Securities may also be sold based on the Advisor's macroeconomic assessment of countries and currencies.<br/><br/>There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors. Principal Risks of Investing in the Series As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.<br/><br/>Management risk &#8212; The value of your investment may decline if the Advisor&#8217;s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.<br/><br/>Market risk &#8212; Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates, credit spreads, and prepayment spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:<ul type="square"><li>U.S. and/or foreign bond markets decline. </li></ul><ul type="square"><li>The issuer of a fixed income security owned by the Series defaults on its obligation to pay principal and/or interest or has its credit rating downgraded; this risk is greater for junk bonds and other lower quality bonds. </li></ul><ul type="square"><li>Interest rates rise, credit spreads widen, and/or prepayment spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series&#8217; portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds. </li></ul><ul type="square"><li>Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.</li></ul>Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series' liquidity or force the Series to sell securities into a declining or illiquid market. <br/><br/>Foreign securities risk &#8212; Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States. The Series&#8217; investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar. The Advisor&#8217;s attempt to manage the currency risk described above may not accurately predict movements in currency exchange rates, which could cause the Series to sustain losses.<br/><br/>Emerging markets risk &#8212; The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series&#8217; investments in emerging market countries are subject to the following risks:<ul type="square"><li>Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. </li></ul><ul type="square"><li>Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. </li></ul><ul type="square"><li>It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. </li></ul><ul type="square"><li>There will tend to be an increased risk of price volatility associated with the Series&#8217; investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. </li></ul>High-yield securities risk &#8212; The Series is subject to additional risk due to its ability to invest in high-yield securities (junk bonds):<ul type="square"><li>High-yield securities may underperform other sectors of the bond market, or the market as a whole. </li></ul><ul type="square"><li>The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market. </li></ul><ul type="square"><li>Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities. </li></ul><ul type="square"><li>The Series&#8217; investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative. </li></ul>Forward contracts risk &#8212; The Series is subject to the following risks due to its ability to invest in forward contracts:<ul type="square"><li>Forwards, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a forward contract may not correlate perfectly with the underlying investment. </li></ul><ul type="square"><li>The Series may not be able to receive amounts payable to it under its forward contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series&#8217; investments in such contracts may not be as liquid as the Series&#8217; other investments. </li></ul><ul type="square"><li>The Series&#8217; use of forwards is also subject to the risk that the counterparty to the forward contract will default or otherwise become unable to honor its obligation to the Series.</li></ul>Mortgage- and asset-backed securities risks &#8212; The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:<ul type="square"><li>Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. </li></ul><ul type="square"><li>Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets. </li></ul>Risks related to ETFs &#8212; The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.<br/><br/>Sector focus risk &#8212; Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.<br/><br/>Liquidity risk &#8212; The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.<br/><br/>Large redemption risk &#8212; Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series&#8217; shares. Redemptions by these institutions or individuals in the Series may impact the Series&#8217; liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series&#8217; portfolio turnover rate and transaction costs to rise, which may negatively affect the Series&#8217; performance and increase the likelihood of capital gain distributions for remaining shareholders.<br/><br/>Non-diversification risk &#8212; The Series is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Series may be susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, and may experience increased volatility due to its investments in those securities.<br/><br/>The risks above could contribute to a decline in the value of the Series&#8217; investments and, consequently, the share price of the Series. Summary of Past Performance The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class I shares of the Series for each calendar year since its reactivation. The Series was previously active from October 31, 1997 to February 28, 2003. The Series was redeemed in full on February 28, 2003, and was not active between that date and its reactivation on October 1, 2012. During its previous activation, the Series offered only one class. Effective October 1, 2012, the Series was reactivated and the Series&#8217; shares were redesignated as Class I shares. For years in which the Series was inactive or was not active for a full calendar year, no performance information is shown in the bar chart. Because the Global Fixed Income Series has had several periods of activation and deactivation, its performance is not comparable to the performance of other mutual funds. The total return table shows how the average annual total returns for the Class I shares and the Class S shares for different periods compare to those of a broad-based securities index. The Series&#8217; Class S shares commenced operations on April 1, 2013, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series&#8217; Class I shares, adjusted to reflect the higher expenses of the Class S shares. Because the Class S shares of the Series invest in the same portfolio of securities, returns for the Class S shares will be substantially similar to those of the Class I shares. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com. Calendar Year Ended December 31 Quarterly Returns<br/>Highest (quarter ended 3/31/16): 3.83%<br/>Lowest (quarter ended 12/31/16): (4.49)% AVERAGE ANNUAL TOTAL RETURNS<br/>FOR PERIOD ENDED DECEMBER 31, 2017 The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series&#8217; financial statements) because the financial highlights include only the Series&#8217; direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. April 30, 2019 You could lose money by investing in the Series. Non-diversification risk &#151; The Series is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Series may be susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, and may experience increased volatility due to its investments in those securities. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class I shares of the Series for each calendar year since its reactivation. The Series was previously active from October 31, 1997 to February 28, 2003. The Series was redeemed in full on February 28, 2003, and was not active between that date and its reactivation on October 1, 2012. During its previous activation, the Series offered only one class. Effective October 1, 2012, the Series was reactivated and the Series&#8217; shares were redesignated as Class I shares. For years in which the Series was inactive or was not active for a full calendar year, no performance information is shown in the bar chart. Because the Global Fixed Income Series has had several periods of activation and deactivation, its performance is not comparable to the performance of other mutual funds. The total return table shows how the average annual total returns for the Class I shares and the Class S shares for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. www.manning-napier.com The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualFundOperatingExpenses000043 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualTotalReturnsBarChart000046 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleExpenseExampleTransposed000044 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleShareholderFees000042 column period compact * ~</div> High Yield Bond Series <br/><br/><b>Summary Section </b> Investment Goal The Series&#8217; investment objective is to provide a high level of long-term total return by investing principally in non-investment grade fixed income securities that are issued by government and corporate entities. Fees and Expenses This table describes the fees and expenses you may pay if you buy and hold shares of the Series. HIGH YIELD BOND SERIES<br/><br/><b>Shareholder Fees</b> (fees paid directly from your<br/> investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) Example The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series&#8217; operating expenses remain the same (taking into account the Advisor's contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Series pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 106% of the average value of its portfolio. Principal Investment Strategies The Series seeks to provide a high level of long-term total return, which is a combination of income and capital appreciation. The Series will invest, under normal circumstances, at least 80% of its net assets in bonds that are rated below investment grade (junk bonds) and other securities, principally exchange-traded funds (ETFs), that are designed to track the performance of non-investment grade securities. These bonds may include U.S. dollar denominated fixed income securities issued by U.S. and foreign corporations and governments, including those in emerging markets. The Series may also invest in securities of other investment companies, such as open-end or closed-end management investment companies. The Series may invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate investments.<br/><br/>Bond Selection Process &#8212; The Advisor attempts to identify securities that offer yields and credit spreads sufficient for the risks assumed. In analyzing the relative attractiveness of sectors and/or individual securities, the Advisor considers:<ul type="square"><li>The relevant economic conditions and sector trends.</li></ul><ul type="square"><li>The interest rate sensitivities of the particular sectors and securities. </li></ul><ul type="square"><li>The yield differentials across sectors, credit qualities, and maturities. </li></ul><ul type="square"><li>&#8220;Bottom-up&#8221; factors such as an issuer&#8217;s financial status, market position, and managerial expertise.</li></ul>Maturity and Portfolio Duration &#8212; The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor&#8217;s outlook for yields. For example, the Advisor may invest in longer-term fixed income securities when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term fixed income securities when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security&#8217;s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.<br/><br/>Credit Quality &#8212; The Series will invest primarily in non-investment grade securities, those rated below BBB- by S&amp;P or Baa3 by Moody&#8217;s, or determined to be of equivalent quality by the Advisor. The Series may also invest, to a limited extent, in investment grade securities when the Advisor considers their &#8220;credit spreads&#8221; (i.e., the difference between the bonds&#8217; yields to maturity and those of U.S. Treasury bonds with similar maturities) to be attractive. The Series may invest in securities with any rating, including those that have defaulted, are not rated, or have had their rating withdrawn.<br/><br/>The Advisor will consider selling a security for one or more of the following reasons:<ul type="square"><li>it no longer meets the security selection criteria under which it was purchased;</li></ul><ul type="square"><li>it has poor relative value (the spread has tightened such that the security is no longer considered attractively priced); or</li></ul><ul type="square"><li>a more attractive investment opportunity is identified.</li></ul>There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors. Principal Risks of Investing in the Series As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.<br/><br/>Management risk &#8212; The value of your investment may decline if the Advisor&#8217;s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.<br/><br/>Market risk &#8212; Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates, credit spreads, and prepayment spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:<ul type="square"><li>U.S. and/or foreign bond markets decline. </li></ul><ul type="square"><li>The issuer of a fixed income security owned by the Series defaults on its obligation to pay principal and/or interest, or the issuer has its credit rating downgraded; this risk is greater for junk bonds and other lower quality bonds. </li></ul><ul type="square"><li>Interest rates rise, credit spreads widen, and/or prepayment spreads widen. The events alone or in combination can cause bond prices to fall and reduce the value of the Series&#8217; portfolio. Longer-term bonds have a greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds. </li></ul><ul type="square"><li>Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread. </li></ul>Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series&#8217; value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series&#8217; liquidity or force the Series to sell securities into a declining or illiquid market.<br/><br/>Foreign securities risk &#8212; Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States.<br/><br/>Emerging markets risk &#8212; The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series&#8217; investments in emerging market countries are subject to the following risks:<ul type="square"><li>Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. </li></ul><ul type="square"><li>Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. </li></ul><ul type="square"><li>It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.</li></ul><ul type="square"><li>There will tend to be an increased risk of price volatility associated with the Series&#8217; investments in emerging market countries. </li></ul>Investment company risk &#8212; To the extent the Series invests a portion of its assets in investment companies, those assets will be subject to the risks of the purchased investment company&#8217;s portfolio securities. The Series also will bear its proportionate share of the expenses of the purchased investment company in addition to its own expenses.<br/><br/>High-yield securities risk &#8212; The Series is subject to additional risks due to its ability to invest in high-yield securities (junk bonds):<ul type="square"><li>High-yield securities may underperform other sectors of the bond market, or the market as a whole. </li></ul><ul type="square"><li>The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market. </li></ul><ul type="square"><li>Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities. </li></ul><ul type="square"><li>The Series&#8217; investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.</li></ul>Bank loan risk &#8212; Investments in bank loans expose the Series to the credit risk of both the financial institution and the underlying borrower. The Series may also have difficulty valuing or disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.<br/><br/>Sector focus risk &#8212; Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.<br/><br/>Liquidity risk &#8212; The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series&#8217; management or performance.<br/><br/>Large redemption risk &#8212; Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series&#8217; shares. Redemptions by these institutions or individuals in the Series may impact the Series&#8217; liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series&#8217; portfolio turnover rate and transaction costs to rise, which may negatively affect the Series&#8217; performance and increase the likelihood of capital gain distributions for remaining shareholders.<br/><br/>The risks above could contribute to a decline in the value of the Series&#8217; investments and, consequently, the share price of the Series. Summary of Past Performance The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each calendar year since its reactivation. The Class S shares were formerly known as the High Yield Bond Series, with no class designation. The Series was previously active from March 3, 2003 to September 15, 2004. The Series was redeemed in full on September 15, 2004 and was reactivated on September 14, 2009. For years in which the Series was inactive or was not active for a full calendar year, no performance information is shown in the bar chart. Because the High Yield Bond Series has had several periods of activation and deactivation, its performance is not comparable to the performance of other mutual funds. The total return table shows how the average annual total returns for the Class S and Class I shares for different periods compare to those of two broad-based securities indices. The Series&#8217; Class I shares commenced operations on August 1, 2012, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series&#8217; Class S shares. Because Class I shares of the Series invest in the same portfolio of securities, returns for the Class I shares will be substantially similar to those of the Class S shares. Performance will be different only to the extent that the Class I shares have lower expenses. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com. Calendar Years Ended December 31 Quarterly Returns<br />Highest (quarter ended 09/30/10): 6.81%<br />Lowest (quarter ended 09/30/15): (4.88)% AVERAGE ANNUAL TOTAL RETURNS<br/>FOR PERIODS ENDED DECEMBER 31, 2017 The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series&#8217; financial statements) because the financial highlights include only the Series&#8217; direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. April 30, 2019 You could lose money by investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each calendar year since its reactivation. The Class S shares were formerly known as the High Yield Bond Series, with no class designation. The Series was previously active from March 3, 2003 to September 15, 2004. The Series was redeemed in full on September 15, 2004 and was reactivated on September 14, 2009. For years in which the Series was inactive or was not active for a full calendar year, no performance information is shown in the bar chart. Because the High Yield Bond Series has had several periods of activation and deactivation, its performance is not comparable to the performance of other mutual funds. The total return table shows how the average annual total returns for the Class S and Class I shares for different periods compare to those of two broad-based securities indices. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. www.manning-napier.com The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualFundOperatingExpenses000053 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualTotalReturnsBarChart000056 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleExpenseExampleTransposed000054 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleShareholderFees000052 column period compact * ~</div> International Series <br/><br/><b>Summary Section </b> Investment Goal The Series&#8217; investment objective is to provide long-term growth by investing principally in the common stocks of companies located outside the United States. Fees and Expenses This table describes the fees and expenses you may pay if you buy and hold shares of the Series. INTERNATIONAL SERIES<br/><br/><b>Shareholder Fees</b> <br/>(paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) Example The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series&#8217; operating expenses remain the same (taking into account the Advisor's contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover Principal Investment Strategies The Series invests primarily in common stocks of foreign companies, which may be located both in developed and in emerging markets. The Series may also invest in American Depository Receipts (ADRs) and other U.S. dollar denominated securities of foreign issuers.<br /><br />The Advisor examines environmental risk factors, changes in macroeconomic variables, and equity market valuations of countries. This examination allows the Advisor to pinpoint investment opportunities being created by economic trends, political changes, demographic shifts, and government reforms taking place around the world, and also identify broad themes that cut across countries or issuers. This approach is called a &#8220;top-down&#8221; investment strategy, and is different from many stock funds because the Advisor&#8217;s primary focus is not on bottom-up individual stock selection. Rather, the Advisor focuses on actively managing the Series&#8217; allocations to regions, countries, country-sectors, and currencies in accordance with the viewpoints generated from country analysis. The Series implements each top-down view by purchasing securities that it believes will benefit from those views. In building the portfolio, the Advisor seeks to minimize company- and security-specific risk by using a diversified basket approach to security selection and by taking into consideration current valuations as well as company-specific risk factors.<br /><br />The Series may invest in stocks of small-, large-, or mid-size companies. The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular country, region, or market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series&#8217; portfolio more efficiently than would otherwise be possible. The Series may invest in cash and cash equivalents for defensive purposes or when seeking other investment opportunities.<br /><br />The Series may, but is not required to, undertake hedging activities and may invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.<br/><br/>The Series typically holds baskets of stocks in each top-down theme that it has identified. The Advisor may consider selling the entire basket for one or more of the following reasons:<ul type="square"><li>its view of the theme under which the basket was purchased deteriorates;</li></ul><ul type="square"><li>the Advisor's expectations for the theme have been met; or</li></ul><ul type="square"><li>a more attractive theme is identified.</li></ul>In addition, the Advisor may consider selling individual securities within a basket for one or more of the following reasons:<ul type="square"><li>company-specific risks increase, reducing the security's fit within the basket's theme; or</li></ul><ul type="square"><li>other securities are identified that better fit within the basket's theme.</li></ul>There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualFundOperatingExpenses000063 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleExpenseExampleTransposed000064 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleShareholderFees000062 column period compact * ~</div> New York Tax Exempt Series <br/><br/> <b>Summary Section </b> Investment Goal The Series&#8217; investment objective is to provide as high a level of current income exempt from federal income tax and New York State personal income tax as the Advisor believes is consistent with the preservation of capital. Fees and Expenses This table describes the fees and expenses you may pay if you buy and hold shares of the Series. NEW YORK TAX EXEMPT SERIES<br/><br/><b>Shareholder Fees </b><br/> (paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) Example The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series&#8217; operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Series pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 9% of the average value of its portfolio. Principal Investment Strategies The Series invests primarily in municipal bonds and other securities the income from which is exempt from federal income tax and New York State personal income tax. The Series will, under normal circumstances, invest at least 80% of its net assets in securities the income from which is exempt from federal and New York income tax, including the Alternative Minimum Tax (AMT). The main issuers of these securities are state and local agencies in New York. In selecting investments for the Series, the Advisor attempts to balance the Series' goals of high income and capital preservation. With this approach, the Advisor attempts to build a portfolio that it believes provides the opportunity to earn current income; however, the Advisor will only purchase investment grade securities, or those securities determined by the Advisor to be of equivalent quality, and will maintain other selection criteria in an attempt to avoid permanent capital loss.<br /><br />Bond Selection Process &#8212; The Advisor emphasizes those bond market sectors and selects for the Series those securities that it believes offer yields sufficient to compensate the investor for the risks specific to the security or sector. In analyzing the relative attractiveness of sectors and individual securities, the Advisor considers:<ul type="square"><li>The interest rate sensitivity of each security.</li></ul><ul type="square"><li>The narrowing or widening of interest rate spreads between sectors, securities of different credit quality or securities of different maturities.</li></ul>Maturity and Portfolio Duration &#8212; The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor&#8217;s outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security&#8217;s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.<br /><br />Credit Quality &#8212; The Series&#8217; investments will be limited to investment grade securities, those rated BBB- or above by S&amp;P or Baa3 or above by Moody&#8217;s, or determined by the Advisor to be of equivalent quality.<br /><br />The Series may invest in taxable investments, including obligations of the U.S. Government, its agencies or instrumentalities. The Series may also invest in money market instruments or hold its assets in cash. These investments may cause the Series to make a taxable distribution to shareholders.<br /><br />The Advisor will consider selling a security for one or more of the following reasons:<ul type="square"><li>to adjust the Series' duration and/or yield curve positioning;</li></ul><ul type="square"><li>there is a deterioration in the credit quality of the issuer;</li></ul><ul type="square"><li>the security's relative value has declined (the spread has tightened such that the security is no longer considered attractively priced); or</li></ul><ul type="square"><li>a more attractive investment opportunity is identified.</li></ul> Principal Risks of Investing in the Series As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.<br/><br/>Management risk &#8212; The value of your investment may decline if the Advisor&#8217;s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.<br /><br />Market risk &#8212; Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates and/or credit spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:<ul type="square"><li>U.S. and/or foreign bond markets decline.</li></ul><ul type="square"><li>The issuer of a bond owned by the Series defaults on its obligation to pay principal or interest or has its credit rating downgraded.</li></ul><ul type="square"><li>Interest rates rise and/or credit spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series&#8217; portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.</li></ul><ul type="square"><li>Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.</li></ul>Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series&#8217; value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series&#8217; liquidity or force the Series to sell securities into a declining or illiquid market.<br /><br />Municipal bond risk &#8212; In addition to the general risks of bond funds, the Series is subject to the following additional risks due to its focus on municipal bonds:<ul type="square"><li>Changes in the financial condition of municipal issuers may adversely affect the value of the Series&#8217; securities.</li></ul><ul type="square"><li>Economic or political changes may affect the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Series.</li></ul><ul type="square"><li>Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations.</li></ul>New York State municipal bond risk &#8212; In addition to the risks of bond funds in general and more specifically of municipal bond funds, this Series has the following special risks:<ul type="square"><li>Concentration in New York tax exempt securities may lead to more volatility than if the Series invested in securities from a number of different states.</li></ul><ul type="square"><li>The Series is sensitive to political, economic, or demographic developments within the state, public authorities, or political subdivisions, particularly in the New York City area.</li></ul><ul type="square"><li>The Series is subject to the risk that its market segment (New York tax exempt securities) may underperform other fixed income market segments or the fixed income markets as a whole.</li></ul><ul type="square"><li>New York&#8217;s economy is heavily dependent on the financial sector, and the Series may be adversely affected by economic problems affecting that sector.</li></ul>Liquidity risk &#8212; The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series&#8217; management or performance.<br /><br />Large redemption risk &#8212; Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series&#8217; shares. Redemptions by these institutions or individuals in the Series may impact the Series&#8217; liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series&#8217; portfolio turnover rate and transaction costs to rise, which may negatively affect the Series&#8217; performance and increase the likelihood of capital gain distributions for remaining shareholders. <br/><br/>The risks above could contribute to a decline in the value of the Series&#8217; investments and, consequently, the share price of the Series. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Summary of Past Performance The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com. Calendar Years Ended December 31 Quarterly Returns<br />Highest (quarter ended 09/30/09): 6.23%<br />Lowest (quarter ended 12/31/10): (5.27)% AVERAGE ANNUAL TOTAL RETURNS<br/>FOR PERIODS ENDED DECEMBER 31, 2017 The total annual fund operating expenses in this fee table may not correlate to the expense ratio in the financial highlights in the prospectus (and in the Series&#8217; financial statements) because the financial highlights include only the Series&#8217; direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. You could lose money by investing in the Series. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. www.manning-napier.com Highest 2014-06-30 Lowest 2015-09-30 Highest 2016-03-31 Lowest 2016-12-31 Highest 2010-09-30 Lowest 2015-09-30 Highest 2009-09-30 Lowest 2010-12-31 <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualFundOperatingExpenses000073 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualTotalReturnsBarChart000076 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleExpenseExampleTransposed000074 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleShareholderFees000072 column period compact * ~</div> Ohio Tax Exempt Series <br/><br/><b>Summary Section </b> Investment Goal The Series&#8217; investment objective is to provide as high a level of current income exempt from federal income tax and Ohio State personal income tax as the Advisor believes is consistent with the preservation of capital. Fees and Expenses This table describes the fees and expenses you may pay if you buy and hold shares of the Series. OHIO TAX EXEMPT SERIES<br/><br/><b>Shareholder Fees </b><br/>(paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) Example The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series&#8217; operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Series pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 8% of the average value of its portfolio. Principal Investment Strategies The Series invests primarily in municipal bonds and other securities the income from which is exempt from federal income tax and Ohio State personal income tax. The Series will, under normal circumstances, invest at least 80% of its net assets in securities the income from which is exempt from federal and Ohio income tax, including the Alternative Minimum Tax (AMT). The main issuers of these securities are state and local agencies in Ohio. In selecting investments for the Series, the Advisor attempts to balance the Series' goals of high income and capital preservation. With this approach, the Advisor attempts to build a portfolio that it believes provides the opportunity to earn current income; however, the Advisor will only purchase investment grade securities, or those determined by the Advisor to be of equivalent quality, and will maintain other selection criteria in an attempt to avoid permanent capital loss.<br/><br/>Bond Selection Process &#8212; The Advisor emphasizes those bond market sectors and selects for the Series those securities that it believes offer yields sufficient to compensate the investor for the risks specific to the security or sector. In analyzing the relative attractiveness of sectors and individual securities, the Advisor considers:<ul type="square"><li>The interest rate sensitivity of each security.</li></ul><ul type="square"><li>The narrowing or widening of interest rate spreads between sectors, securities of different credit quality or securities of different maturities.</li></ul>Maturity and Portfolio Duration &#8212; The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor&#8217;s outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security&#8217;s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.<br/><br/>Credit Quality &#8212; The Series&#8217; investments will be limited to investment grade securities, those rated BBB- or above by S&amp;P or Baa3 or above by Moody&#8217;s or determined by the Advisor to be of equivalent quality.<br/><br/>The Series may invest in taxable investments, including obligations of the U.S. Government, its agencies or instrumentalities. The Series may also invest in money market instruments or hold its assets in cash. These investments may cause the Series to make a taxable distribution to shareholders.<br/><br/>The Advisor will consider selling a security for one or more of the following reasons:<ul type="square"><li>to adjust the Series' duration and/or yield curve positioning;</li></ul><ul type="square"><li>there is a deterioration in the credit quality of the issuer;</li></ul><ul type="square"><li>the security's relative value has declined (the spread has tightened such that the security is no longer considered attractively priced); or</li></ul><ul type="square"><li>a more attractive investment opportunity is identified.</li></ul> Principal Risks of Investing in the Series As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.<br/><br/>Management risk &#8212; The value of your investment may decline if the Advisor&#8217;s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.<br/><br/>Market risk &#8212; Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates and/or credit spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:<ul type="square"><li>U.S. and/or foreign bond markets decline. </li></ul><ul type="square"><li>The issuer of a bond owned by the Series defaults on its obligation to pay principal or interest or has its credit rating downgraded. </li></ul><ul type="square"><li>Interest rates rise and/or credit spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series&#8217; portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.</li></ul><ul type="square"><li>Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.</li></ul>Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series' liquidity or force the Series to sell securities into a declining or illiquid market.<br/><br/>Municipal bond risk &#8212; In addition to the general risks of bond funds, the Series is subject to the following additional risks due to its focus on municipal bonds:<ul type="square"><li>Changes in the financial condition of municipal issuers may adversely affect the value of the Series&#8217; securities. </li></ul><ul type="square"><li>Economic or political changes may affect the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Series. </li></ul><ul type="square"><li>Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. </li></ul>Ohio State municipal bond risk &#8212; In addition to the risks of bond funds in general and more specifically of municipal bond funds, this Series has the following special risks:<ul type="square"><li>Concentration in Ohio tax exempt securities may lead to more volatility than if the Series invested in securities from a number of different states. </li></ul><ul type="square"><li>The Series is sensitive to political, economic, or demographic developments within the state, public authorities, or political subdivisions. </li></ul><ul type="square"><li>The Series is subject to the risk that its market segment (Ohio tax exempt securities) may underperform other fixed income market segments or the fixed income markets as a whole. </li></ul><ul type="square"><li>Ohio&#8217;s economy is heavily dependent on the manufacturing sector and the Series may be adversely affected by economic problems affecting that sector. </li></ul>Liquidity risk &#8212; The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.<br/><br/>Large redemption risk &#8212; Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series&#8217; shares. Redemptions by these institutions or individuals in the Series may impact the Series&#8217; liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series&#8217; portfolio turnover rate and transaction costs to rise, which may negatively affect the Series&#8217; performance and increase the likelihood of capital gain distributions for remaining shareholders.<br/><br/>The risks above could contribute to a decline in the value of the Series&#8217; investments and, consequently, the share price of the Series. Summary of Past Performance The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com. Calendar Years Ended December 31 Quarterly Returns<br/>Highest (quarter ended 09/30/09): 7.42%<br/>Lowest (quarter ended 12/31/10): (5.86)% AVERAGE ANNUAL TOTAL RETURNS<br/>FOR PERIODS ENDED DECEMBER 31, 2017 The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The total annual fund operating expenses in this fee table may not correlate to the expense ratio in the financial highlights in the prospectus (and in the Series&#8217; financial statements) because the financial highlights include only the Series&#8217; direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. You could lose money by investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. www.manning-napier.com The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualFundOperatingExpenses000083 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualTotalReturnsBarChart000086 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleExpenseExampleTransposed000084 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleShareholderFees000082 column period compact * ~</div> Real Estate Series <br/><br/><b>Summary Section </b> Investment Goal The Series&#8217; investment objective is to provide high current income and long-term capital appreciation by investing principally in companies in the real estate industry. Fees and Expenses This table describes the fees and expenses you may pay if you buy and hold shares of the Series. REAL ESTATE SERIES<br/><br/><b>Shareholder Fees </b><br/>(fees paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) Example The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series&#8217; operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Series pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 42% of the average value of its portfolio. Principal Investment Strategies The Series will invest, under normal circumstances, at least 80% of its net assets in securities of companies that are principally engaged in the real estate industry. These companies include those directly engaged in the real estate industry as well as in industries serving and/or related to the real estate industry. A company will be considered eligible for investment if, as determined by the Advisor, (i) at least 50% of its assets, revenues or net income is derived from the ownership, leasing, construction, management, development, financing or sale of residential, commercial or industrial real estate or (ii) it has at least 50% of the value of its assets invested in residential, commercial or industrial real estate. Examples of companies in which the Series may invest include those in the following areas: real estate investment trusts (REITs), real estate operating companies (REOCs), real estate developers and brokers, building suppliers, and mortgage lenders.<br/><br/>The Series may invest in common stocks, convertible securities and other equity securities, principally ETFs (defined below), as well as derivative instruments, principally options (as described below). It may invest in securities issued as part of, or a short period after, a company&#8217;s initial public offering (IPO).<br/><br/>The Series may invest in common stocks of foreign companies, including companies located in emerging market countries. The Series may also invest in American Depository Receipts (ADRs) and other U.S. dollar denominated securities of foreign issuers. The Series may invest in securities of small-, large-, or mid-size companies.<br/><br/>The Series may also invest in debt securities. The Series&#8217; investment in debt securities is subject to a limit of 20% of the Series&#8217; assets (measured at the time of purchase). The Series will typically invest in investment grade debt securities, those securities rated BBB- or above by S&amp;P or Baa3 or above by Moody&#8217;s (or determined to be of equivalent quality by the Advisor); however, the Series may invest up to 5% of its assets (measured at the time of purchase) in below investment grade debt securities (junk bonds), those rated below BBB- by S&amp;P and those rated below Baa3 by Moody&#8217;s (or determined to be of equivalent quality by the Advisor). The Series&#8217; investments in debt securities are not subject to any restrictions on maturity or duration.<br/><br/>When the Advisor wishes to sell a security at a specified price, it may seek to generate additional gains for the Series by writing (selling) options on the underlying security.<br/><br/>The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series&#8217; portfolio more efficiently than would otherwise be possible.<br/><br/>The Advisor uses a &#8220;bottom-up&#8221; strategy, focusing on individual security selection. The Advisor analyzes factors such as the management, financial condition, and market position of individual companies to select companies in the real estate industry that it believes will make attractive long-term investments. The Advisor looks for one or more of the following characteristics:<ul type="square"><li>Strong strategic profiles (e.g., strong market position, benefits from technology, market share gains in a mature market and high barriers to entry).</li></ul><ul type="square"><li>Companies well-positioned to benefit from an anticipated upturn in an industry sub-sector due to sharply reduced competition and improving demand. </li></ul><ul type="square"><li>Companies trading at very low valuations relative to fundamental or break-up value.</li></ul>The Advisor will consider selling a security if:<ul type="square"><li>it no longer fits the Series' investment strategies or valuation discipline;</li></ul><ul type="square"><li>it has reached the Advisor's target sell price; or</li></ul><ul type="square"><li>a more attractive investment opportunity is identified.</li></ul> Principal Risks of Investing in the Series As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series. <br/><br/>Management risk &#8212; The value of your investment may decline if the Advisor&#8217;s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.<br/><br/>Market risk &#8212; Because the Series invests in stocks, the value of your investment will fluctuate in response to stock market movements. This means that you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:<ul type="square"><li>U.S. and/or foreign stock or bond markets decline. </li></ul><ul type="square"><li>An adverse event, such as an unfavorable earnings report, depresses the value of one or more of the Series&#8217; portfolio holdings.</li></ul>Real estate investment risk &#8212; The Series&#8217; concentration in securities of issuers in the real estate industry, including its investments in REITs and REOCs (together, real estate companies, or RECs), may subject it to additional risks even though the Series does not invest directly in real estate. These risks include, but are not limited to, the following: fluctuations in the value of real estate properties and interest rates, defaults by borrowers or tenants, extended vacancies and declining rents, a lack of ability to obtain mortgage financing or other limits to accessing the credit or capital markets, increased competition and overbuilding and increases in real estate or operating taxes. Any geographic concentration of the Series&#8217; real estate related investments could result in the Series being subject to the above risks to a greater degree.<br/><br/>The value of a REIT or REOC can depend on its legal structure and cash flow generation. While RECs raise equity and debt capital through the private and public markets, RECs are neither mutual funds, nor hedge funds, nor private equity funds. Much as other operating companies, RECs incur operating expenses necessary to manage and maintain properties. Investing in the Series will result in absorbing duplicate levels of fees for the Series&#8217; investments in RECs. In addition, REITs are subject to certain federal tax laws and if the REIT fails to qualify for such tax treatment, significant adverse consequences could occur for any such REIT investment. For example, a qualified REIT may be adversely affected by its failure to qualify for tax-free pass through of income.<br/><br/>Large-cap risk &#151; Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments &#151; small-cap stocks, for instance &#151; the Series' performance could be reduced to the extent its portfolio is holding large-cap stocks.<br/><br/>Small- and mid-cap risk &#8212; The Series may also have special risks due to its investments in stocks of small- and mid-size companies. These risks include the following:<ul type="square"><li>The stocks of small- and mid-size companies may be subject to more abrupt or erratic market movements than the stocks of larger companies.</li></ul><ul type="square"><li>The stocks of small- and mid-size companies may be subject to liquidity risk because such stocks may have lower trading volume and be less marketable than the stocks of larger companies. Liquidity risk is further described below.</li></ul><ul type="square"><li>Small- and mid-size companies may have limited product lines, markets, or financial resources, and they may depend on a small management group. As a result, they fail more often than larger companies.</li></ul>Foreign securities risk &#8212; Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign common stocks may, at times, move in a different direction than the prices of U.S. stocks. The Series&#8217; investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar.<br/><br/>Emerging markets risk &#8212; The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series&#8217; investments in emerging market countries are subject to the following risks:<ul type="square"><li>Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. </li></ul><ul type="square"><li>Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. </li></ul><ul type="square"><li>It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. </li></ul><ul type="square"><li>There will tend to be an increased risk of price volatility associated with the Series&#8217; investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.</li></ul>Options risk &#8211; Options, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of an option contract may not correlate perfectly with the underlying investment. Investments in options are also subject to liquidity risk, which is described below.<br/><br/>Risks related to ETFs &#8212; The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.<br/><br/>Risk of initial public offerings &#8212; The Series may purchase shares issued as part of, or a short period after, a company&#8217;s initial public offering (IPO), and may at times dispose of those shares shortly after their acquisition. The Series&#8217; purchase of shares issued in IPOs exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. The market for IPO issuers has been volatile, and share prices of newly-public companies have fluctuated significantly over short periods of time.<br/><br/>Fixed income risk &#8212; Because the Series may invest in fixed income securities, you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:<ul type="square"><li>Interest rates go up, which will make bond prices go down and reduce the value of the bonds held in the Series&#8217; portfolio. </li></ul><ul type="square"><li>The issuer of a fixed income security owned by the Series defaults on its obligation to pay principal and/or interest or has its credit rating downgraded.</li></ul>Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series' liquidity or force the Series to sell securities into a declining or illiquid market.<br/><br/>High-yield securities risk &#8212; The Series is subject to additional risks due to its ability to invest in high-yield securities (junk bonds):<ul type="square"><li>High-yield securities may underperform other sectors of the bond market, or the bond market as a whole. </li></ul><ul type="square"><li>The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market. </li></ul><ul type="square"><li>Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities. </li></ul><ul type="square"><li>The Series&#8217; investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.</li></ul>Convertible securities risk &#8212; The Series&#8217; investments in convertible securities are subject to interest rate risk and credit risk, similar to fixed income securities. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.<br/><br/>Liquidity risk &#8212; The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.<br/><br/>Large redemption risk &#8212; Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series&#8217; shares. Redemptions by these institutions or individuals in the Series may impact the Series&#8217; liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series&#8217; portfolio turnover rate and transaction costs to rise, which may negatively affect the Series&#8217; performance and increase the likelihood of capital gain distributions for remaining shareholders.<br/><br/>The risks above could contribute to a decline in the value of the Series&#8217; investments and, consequently, the share price of the Series. Summary of Past Performance The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each full calendar year since its inception. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index. The Series&#8217; Class I shares commenced operations on August 1, 2012, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series&#8217; Class S shares. Because Class I shares of the Series invest in the same portfolio of securities, returns for the Class I shares will be substantially similar to those of the Class S shares. Performance will be different only to the extent that the Class I shares have lower expenses. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com. Calendar Years Ended December 31 Quarterly Returns<br/>Highest (quarter ended 12/31/11): 15.15%<br/>Lowest (quarter ended 09/30/11): (15.29)% AVERAGE ANNUAL TOTAL RETURNS<br/>FOR PERIODS ENDED DECEMBER 31, 2017 The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series&#8217; financial statements) because the financial highlights include only the Series&#8217; direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. The Series will invest, under normal circumstances, at least 80% of its net assets in securities of companies that are principally engaged in the real estate industry. You could lose money by investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each full calendar year since its inception. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. www.manning-napier.com The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Highest 2009-09-30 Lowest 2010-12-31 Highest 2011-12-31 Lowest 2011-09-30 <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualFundOperatingExpenses000093 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualTotalReturnsBarChart000096 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleExpenseExampleTransposed000094 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleShareholderFees000092 column period compact * ~</div> Unconstrained Bond Series <br/><br/><b>Summary Section </b> Investment Goal The Series&#8217; primary investment objective is to provide long-term total return, and its secondary objective is to provide preservation of capital. Fees and Expenses This table describes the fees and expenses you may pay if you buy and hold shares of the Series. UNCONSTRAINED BOND SERIES<br/><br/><b>Shareholder Fees</b> (paid<br/>directly from your investment) <b>Annual Fund Operating Expenses </b> (expenses that you pay each year as a percentage of the value of your investment) Example The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series&#8217; operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Series pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 62% of the average value of its portfolio. Principal Investment Strategies The Series will invest, under normal circumstances, at least 80% of its net assets in bonds and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to bonds. For purposes of this policy, bonds may include fixed income securities issued by U.S. and foreign corporations and governments, inflation protected securities, pass-through securities, and mortgage dollar rolls, which are transactions in which the Series sells a mortgage-backed security and simultaneously contracts to purchase similar securities on a specified future date at a predetermined price. The corporate bonds may be issued by domestic corporations, foreign entities (e.g., yankee bonds), and/or supranational entities, such as the World Bank. Pass-through securities are generally issued by domestic entities (such as GNMA, FNMA, and FHLMC) and entitle the holders to a pro rata share of the cash flows generated by the instruments underlying the security (mortgages, credit card receivables, car loans, etc.).<br/><br/>The Series may invest up to 50% of its assets in below investment grade securities (also referred to as &#8220;high yield bonds&#8221; or &#8220;junk bonds&#8221;) and may invest up to 50% of its assets in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. The Series may invest portions of its assets in bank loans, which are, generally, non-investment grade floating rate investments, and preferred stock.<br/><br/>The Series may invest in interest rate futures (and options thereon) and interest rate swaps to manage its interest rate exposure, and may invest in credit default swaps and total return swaps to manage its exposure to certain instruments or markets. The Series may, but is not required to, invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.<br/><br/>The Series may purchase shares of ETFs, including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series&#8217; portfolio more efficiently than would otherwise be possible.<br/><br/>The Series employs an absolute return investment approach, which means that it seeks to achieve a positive total return in diverse market environments over time. Accordingly, the Series invests across the fixed income universe, and it is not constrained by any particular fixed income asset classes or benchmarks.<br/><br/>Bond Selection Process &#8212; When investing in corporate and pass-through securities, the Advisor attempts to identify sectors, as well as individual securities within those sectors, that offer yields and credit/prepayment spreads sufficient to compensate the Series for the risks specific to a given sector or security. Credit spreads are a measure of the difference between corporate bonds&#8217; yields to maturity and those of U.S. Treasury securities with similar maturities; this difference compensates investors for the credit risk inherent in corporate bonds. Prepayment spreads quantify the additional yield paid by mortgage-backed bonds relative to U.S. Treasury securities to compensate investors for the risk that mortgage-backed securities&#8217; prepayments will vary over time.<br/><br/>In analyzing the relative attractiveness of sectors and/or individual securities, the Advisor considers:<ul type="square"><li>The relevant economic conditions and sector trends.</li></ul><ul type="square"><li>The interest rate sensitivities of the particular sectors and securities. </li></ul><ul type="square"><li>The yield differentials across sectors, credit qualities, pass-through security types, and maturities. </li></ul><ul type="square"><li>&#8220;Bottom-up&#8221; factors such as issuer-specific credit metrics for corporate bonds and coupon, prepayment, and convexity components (which reflect changing interest rate sensitivities) of pass-through securities.</li></ul>Maturity and Portfolio Duration &#8212; The Series is not subject to any maturity or duration restrictions but the average dollar-weighted portfolio duration of the Series will normally vary from negative 3 years to positive 8 years depending on the Advisor&#8217;s outlook for yields. For example, the Advisor may invest in positive duration fixed income securities when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in negative duration fixed income securities when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security&#8217;s price to changes in yields. The prices of fixed income securities with shorter positive or negative durations generally will be less affected by changes in yields than the prices of fixed income securities with longer positive or negative durations. For example, a positive 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%. Conversely, a negative 10 year duration means the fixed income security will increase in value by 10% if yields rise 1% and decrease in value by 10% if yields fall 1%.<br/><br/>Credit Quality &#8212; The Series may invest in investment grade securities, those securities rated BBB- or above by S&amp;P or Baa3 or above by Moody&#8217;s (or determined to be of equivalent quality by the Advisor) and may invest up to 50% of its assets in below investment grade securities, those rated below BBB- by S&amp;P and those rated below Baa3 by Moody&#8217;s (or determined to be of equivalent quality by the Advisor). The Series may invest in securities with any rating, including those that have defaulted, are not rated, or have had their rating withdrawn.<br/><br/>Securities issued by governments and supranational entities may be sold to adjust the Series' duration and/or yield curve positioning.<br/><br/>Other securities may be sold for one or more of the following reasons:<ul type="square"><li>they no longer meet the selection criteria under which they were purchased;</li></ul><ul type="square"><li>their relative value has declined (the spread has tightened such that they are no longer considered attractively priced);</li></ul><ul type="square"><li>a more attractive investment opportunity is identified.</li></ul>Securities may also be sold based on the Advisor's macroeconomic assessment of countries and currencies.<br/><br/>There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors. Principal Risks of Investing in the Series As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.<br/><br/>Management risk &#8212; The value of your investment may decline if the Advisor&#8217;s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.<br/><br/>Market risk &#8212; Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates, credit spreads, and prepayment spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:<ul type="square"><li>U.S. and/or foreign bond markets decline. </li></ul><ul type="square"><li>The issuer of a corporate bond owned by the Series defaults on its obligation to pay principal and/or interest or has its credit rating downgraded; this risk is greater for junk bonds and other lower quality bonds. </li></ul><ul type="square"><li>Interest rates rise, credit spreads widen, and/or prepayment spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series&#8217; portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds. </li></ul><ul type="square"><li>Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.</li></ul>Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series&#8217; liquidity or force the Series to sell securities into a declining or illiquid market.<br/><br/>Risk of mortgage dollar rolls &#151; The Series' mortgage dollar rolls could lose money if the price of the mortgage-backed securities sold falls below the agreed upon repurchase price, or if the counterparty is unable to honor the agreement.<br/><br/>High-yield securities risk &#8212; The Series is subject to additional risks due its ability to invest in high-yield securities (junk bonds):<ul type="square"><li>High-yield securities may underperform other sectors of the bond market, or the market as a whole. </li></ul><ul type="square"><li>The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market. </li></ul><ul type="square"><li>Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities. </li></ul><ul type="square"><li>The Series&#8217; investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.</li></ul>Bank loan risk &#8212; Investments in bank loans expose the Series to the credit risk of both the financial institution and the underlying borrower. The Series may also have difficulty valuing or disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.<br/><br/>Preferred stock risk &#8212; Preferred stocks are sensitive to interest rate changes, and are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of a Series&#8217; investment. The rights of preferred stocks on the distribution of a corporation&#8217;s assets in the event of a liquidation are generally subordinate to the rights associated with a corporation&#8217;s debt securities. Preferred stock may also be subject to prepayment risk similar to fixed income securities.<br/><br/>Foreign securities risk &#8212; Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States. The Series&#8217; investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar. The Advisor's attempt to manage the currency risk described above may not accurately predict movements in currency exchange rates, which could cause the Series to sustain losses.<br/><br/>Emerging markets risk &#8212; The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series&#8217; investments in emerging market countries are subject to the following risks:<ul type="square"><li>Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. </li></ul><ul type="square"><li>Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. </li></ul><ul type="square"><li>It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. </li></ul><ul type="square"><li>There will tend to be an increased risk of price volatility associated with the Series&#8217; investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.</li></ul>Derivatives risk &#8212; The Series is subject to the following risks due to its ability to invest in options, futures, forwards and swaps:<ul type="square"><li>Derivatives can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a derivative contract may not correlate perfectly with the underlying investment. </li></ul><ul type="square"><li>The Series may not be able to receive amounts payable to it under its derivatives contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series&#8217; investments in such contracts may not be as liquid as the Series&#8217; other investments. </li></ul><ul type="square"><li>The Series&#8217; use of forwards and swaps is also subject to the risk that the counterparty to the contract will default or otherwise become unable to honor its obligation to the Series.</li></ul>Mortgage- and asset-backed securities risks &#8212; The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:<ul type="square"><li>Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. </li></ul><ul type="square"><li>Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.</li></ul>Risks related to ETFs &#8212; The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.<br/><br/>Inflation protected security risk &#151; The value of inflation protected fixed income securities, including Treasury Inflation Protected Securities (TIPS), generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.<br/><br/>Sector focus risk &#8212; Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.<br/><br/>Liquidity risk &#8212; The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.<br/><br/>Large redemption risk &#8212; Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series&#8217; shares. Redemptions by these institutions or individuals in the Series may impact the Series&#8217; liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series&#8217; portfolio turnover rate and transaction costs to rise, which may negatively affect the Series&#8217; performance and increase the likelihood of capital gain distributions for remaining shareholders.<br/><br/>The risks above could contribute to a decline in the value of the Series&#8217; investments and, consequently, the share price of the Series. Summary of Past Performance The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Class S shares and Class I shares of the Series for different periods compare to those of two broad-based securities indices. The Series&#8217; Class I shares commenced operations on August 1, 2013, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series&#8217; Class S shares. Because the Class I shares of the Series invest in the same portfolio of securities, returns for the Class I shares will be substantially similar to those of the Class S shares. Performance will be different only to the extent that the Class I shares have lower expenses. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com. Calendar Years Ended December 31 Quarterly Returns<br/>Highest (quarter ended 09/30/09): 7.48%<br/>Lowest (quarter ended 09/30/08): (3.42)% AVERAGE ANNUAL TOTAL RETURNS<br/>FOR PERIODS ENDED DECEMBER 31, 2017 The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series&#8217; financial statements) because the financial highlights include only the Series&#8217; direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. You could lose money by investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Class S shares and Class I shares of the Series for different periods compare to those of two broad-based securities indices. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. www.manning-napier.com The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualFundOperatingExpenses000103 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualTotalReturnsBarChart000106 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleExpenseExampleTransposed000104 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleShareholderFees000102 column period compact * ~</div> World Opportunities Series<br/><br/> <b>Summary Section </b> Investment Goal The Series&#8217; investment objective is to provide long-term growth by investing principally in the common stocks of companies located around the world. Fees and Expenses This table describes the fees and expenses you may pay if you buy and hold shares of the Series. WORLD OPPORTUNITIES SERIES<br/><br/><b>Shareholder Fees</b><br/>(paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) Example The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series&#8217; operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Series pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 38% of the average value of its portfolio. Principal Investment Strategies The Series invests primarily in common stocks of foreign companies, which may be located both in developed and in emerging markets. The Series may also invest in American Depository Receipts (ADRs) and other U.S. dollar denominated securities of foreign issuers and U.S. stocks. The Series may invest in stocks of small-, large-, or mid-size companies.<br/><br/>The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series&#8217; portfolio more efficiently than would otherwise be possible.<br/><br/>The Series may, but is not required to, undertake hedging activities and may invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.<br/><br/>The Advisor uses a &#8220;bottom-up&#8221; strategy, focusing on individual security selection to choose stocks from companies around the world.<br/><br/>The Advisor analyzes factors such as the management, financial condition, and market position of individual companies to select companies that it believes will make attractive long-term investments. In selecting individual securities, the Advisor uses fundamental analysis and looks for one or more of the following characteristics:<ul type="square"><li>Strong strategic profiles (e.g., strong market position, benefits from technology, market-share gains in a mature market and high barriers to entry).</li></ul><ul type="square"><li>Improving market share in consolidating industries.</li></ul><ul type="square"><li>Low price relative to fundamental or break-up value.</li></ul>The Advisor will consider selling a security if:<ul type="square"><li>it no longer fits the Series' investment strategies or valuation discipline;</li></ul><ul type="square"><li>it has reached the Advisor&#8217;s target sell price; or</li></ul><ul type="square"><li>a more attractive investment opportunity is identified.</li></ul>There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors. Principal Risks of Investing in the Series As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.<br/><br/>Management risk &#8212; The value of your investment may decline if the Advisor&#8217;s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.<br/><br/>Market risk &#8212; Because the Series invests in stocks, the value of your investment will fluctuate in response to stock market movements. This means that you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:<ul type="square"><li>U.S. and/or foreign stock markets decline. </li></ul><ul type="square"><li>An adverse event, such as an unfavorable earnings report, depresses the value of one or more of the Series&#8217; portfolio holdings. </li></ul>Foreign securities risk &#8212; Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign common stocks may, at times, move in a different direction than the prices of U.S. stocks. The Series&#8217; investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar. The Advisor&#8217;s attempt to manage the currency risk described above may not accurately predict movements in currency exchange rates, which could cause the Series to sustain losses.<br/><br/>Emerging markets risk &#8212; The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series&#8217; investments in emerging market countries are subject to the following risks:<ul type="square"><li>Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. </li></ul><ul type="square"><li>Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. </li></ul><ul type="square"><li>It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. </li></ul><ul type="square"><li>There will tend to be an increased risk of price volatility associated with the Series&#8217; investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. </li></ul>Large-cap risk &#151; Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments &#151; small-cap stocks, for instance &#151; the Series' performance could be reduced to the extent its portfolio is holding large-cap stocks.<br/><br/>Small- and mid-cap risk &#8212; The Series may also have special risks due to its investments in stocks of small- and mid-size companies. These risks include the following:<ul type="square"><li>The stocks of small- and mid-size companies may be subject to more abrupt or erratic market movements than the stocks of larger companies.</li></ul><ul type="square"><li>The stocks of small- and mid-size companies may be subject to liquidity risk because such stocks may have lower trading volume and be less marketable than the stocks of larger companies. Liquidity risk is further described below.</li></ul><ul type="square"><li>Small- and mid-size companies may have limited product lines, markets, or financial resources, and they may depend on a small management group. As a result, they fail more often than larger companies.</li></ul>Forward contracts risk &#8212; The Series is subject to the following risks due to its ability to invest in forward contracts:<ul type="square"><li>Forwards, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a forward contract may not correlate perfectly with the underlying investment. </li></ul><ul type="square"><li>The Series may not be able to receive amounts payable to it under its forward contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series&#8217; investments in such contracts may not be as liquid as the Series&#8217; other investments. </li></ul><ul type="square"><li>The Series&#8217; use of forwards is also subject to the risk that the counterparty to the forward contract will default or otherwise become unable to honor its obligation to the Series. </li></ul>Risks related to ETFs &#8212; The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.<br/><br/>Sector focus risk &#8212; Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.<br/><br/>Liquidity risk &#8212; The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.<br/><br/>Large redemption risk &#8212; Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series&#8217; shares. Redemptions by these institutions or individuals in the Series may impact the Series&#8217; liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series&#8217; portfolio turnover rate and transaction costs to rise, which may negatively affect the Series&#8217; performance and increase the likelihood of capital gain distributions for remaining shareholders.<br/><br/>The risks above could contribute to a decline in the value of the Series&#8217; investments and, consequently, the share price of the Series. Summary of Past Performance Calendar Years Ended December 31 Quarterly Returns<br/>Highest (quarter ended 09/30/09): 24.95%<br/>Lowest (quarter ended 12/31/08): (24.30)% AVERAGE ANNUAL TOTAL RETURNS<br/>FOR PERIODS ENDED DECEMBER 31, 2017 The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Management fees have been restated to reflect contractual changes to the management fees paid by the Series.<br/><br/>Other expenses have been restated to reflect the implementation of a 0.25% shareholder services fee. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series&#8217; financial statements) because the financial highlights include only the Series&#8217; direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. April 30, 2019 You could lose money by investing in the Series. The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. www.manning-napier.com The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualFundOperatingExpenses000113 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualTotalReturnsBarChart000116 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleExpenseExampleTransposed000114 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleShareholderFees000112 column period compact * ~</div> Strategic Income Conservative Series <br/><br/> <b>Summary Section </b> Investment Goal The Series&#8217; investment objective is to manage against capital risk and generate income with a secondary goal of pursuing long-term capital growth. Fees and Expenses This table describes the fees and expenses you may pay if you buy and hold shares of the Series. STRATEGIC INCOME CONSERVATIVE SERIES<br/><br/><b>Shareholder Fees</b> (fees paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) Example The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series&#8217; operating expenses remain the same (taking into account the Advisor&#8217;s contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Series pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 21% of the average value of its portfolio. Principal Investment Strategies The Series is designed to generate income, pursue capital growth in order to provide purchasing power protection, and to manage risk. The Series seeks to achieve its investment objective by investing in a combination of other Series of the Manning &amp; Napier Fund, Inc. and advised by the Advisor (the &#8220;underlying funds&#8221;) according to an asset allocation strategy. The Series may invest in a combination of the Core Bond Series, Disciplined Value Series, Equity Income Series, Global Fixed Income Series, High Yield Bond Series, Real Estate Series, and Unconstrained Bond Series, as well as other Series of the Fund.<br /><br />As of March 31, 2018, the Series&#8217; target allocation among the underlying funds was as follows:<table style="border-bottom:0.5pt solid #000000;border-collapse:collapse;empty-cells:show;margin-top:5pt;width:99.61%;" cellpadding="0" cellspacing="0"> <tr> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:6pt;padding-left:6pt;padding-right:2.5pt;padding-top:7pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:90.07%;">Core Bond Series </td> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:6pt;padding-left:2.5pt;padding-top:7pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:8.95%;">52% </td></tr> <tr> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:5pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:90.07%;">Disciplined Value Series </td> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:5pt;padding-left:2.5pt;padding-top:5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:8.95%;">12% </td></tr> <tr> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:5pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:90.07%;">Equity Income Series </td> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:5pt;padding-left:2.5pt;padding-top:5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:8.95%;">11% </td></tr> <tr> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:5pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:90.07%;">High Yield Bond Series </td> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:5pt;padding-left:2.5pt;padding-top:5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:8.95%;">3% </td></tr> <tr> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:5pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:90.07%;">Real Estate Series </td> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:5pt;padding-left:2.5pt;padding-top:5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:8.95%;">8% </td></tr> <tr> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:6pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:90.07%;">Unconstrained Bond Series </td> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:6pt;padding-left:2.5pt;padding-top:5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:8.95%;">14% </td></tr></table><br />The <b>Core Bond Series</b> will invest, under normal circumstances, at least 80% of its net assets in investment grade bonds and other financial instruments, primarily exchange-traded funds (ETFs), with economic characteristics similar to bonds. The Core Bond Series is not subject to any maturity or duration restrictions, but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor&#8217;s outlook for yields. The <b>Disciplined Value Series</b> will, under normal circumstances, invest at least 80% of its assets in dividend-paying common stocks. In selecting stocks for the Disciplined Value Series, the Advisor uses a systematic process to identify stocks of U.S. companies that it believes are undervalued in the market, based on factors such as free cash flow generation and earnings power, and that meet other investment criteria relating to minimum dividend yield, dividend sustainability, and financial health. The Disciplined Value Series invests primarily in the common stocks of mid- to large- capitalization companies (generally companies with market capitalizations at the time of purchase within the market capitalization range of the companies comprising the Russell 1000<sup>&#174;</sup> Value Index). The <b>Equity Income Series</b> will invest, under normal circumstances, at least 80% of its net assets in equity securities. It invests primarily in income-producing equity securities. The Equity Income Series may invest in securities of small-, large- or mid-size companies, and it may also invest in interests in business development companies (BDCs) and limited partner interests in master limited partnerships (MLPs). The Equity Income Series may also invest in derivative instruments, as it may write (sell) options on securities. The <b>Global Fixed Income Series</b> will invest, under normal circumstances, at least 80% of its assets in fixed income securities. These securities may be issued by issuers located anywhere in the world, including emerging markets. Under normal circumstances, the Global Fixed Income Series will invest at least 40% of its net assets in securities issued by non-U.S. companies or non-U.S. governments, their agencies, or instrumentalities. The Global Fixed Income Series invests primarily in investment grade securities but may invest up to 20% of its assets in lower quality bonds, commonly known as &#8220;junk bonds,&#8221; The Global Fixed Income Series is not subject to any maturity or duration restrictions but will vary its average dollar-weighted portfolio maturity and duration depending on the Advisor&#8217;s outlook for yields and currency fluctuations. The <b>High Yield Bond Series</b> will invest, under normal circumstances, at least 80% of its net assets in bonds that are rated below investment grade (junk bonds) and other securities, primarily ETFs, that are designed to track the performance of non-investment grade securities. The High Yield Bond Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor&#8217;s outlook for yields. The <b>Real Estate Series</b> will invest, under normal circumstances, at least 80% of its net assets in securities of companies that are principally engaged in the real estate industry. The Real Estate Series may invest in equity securities, including convertible securities, of small-, large-, or mid-size companies, and it may also invest in debt securities, typically investment grade debt securities. The Real Estate Series may also invest in derivative instruments, as it may write (sell) options on securities. The <b>Unconstrained Bond Series</b> will invest, under normal circumstances, at least 80% of its net assets in bonds and other financial instruments, principally derivative instruments and ETFs, with economic characteristics similar to bonds. The Unconstrained Bond Series is not subject to any maturity or duration restrictions but its average dollar-weighted portfolio duration will normally vary from negative 3 years to positive 8 years depending on the Advisor&#8217;s outlook for yields. The Unconstrained Bond Series may invest up to 50% of its assets in below investment grade securities (also referred to as &#8220;junk bonds&#8221;) and may invest up to 50% of its assets in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. The Unconstrained Bond Series may also invest in derivative instruments, as it may invest in options, futures, forwards and swaps.<br/><br/>The Series is managed with a more conservative asset allocation than the Strategic Income Moderate Series. The asset allocation range for the Series is expected to be 15%-45% in the underlying stock funds and 55%-85% in the underlying bond funds.<br/><br/>The Series&#8217; management team will actively adjust the Series&#8217; allocation to the underlying funds in accordance with its investment goal and the Advisor&#8217;s view of prevailing market conditions, such as market trends, its outlook for a given asset class, and the underlying funds&#8217; performance in various market conditions. Accordingly, the Series&#8217; allocation to a particular underlying fund may increase or decrease throughout the year and the Series may have no allocation to a particular underlying fund during the year. At any given time, the Series&#8217; allocation to the underlying funds may be affected by a number of factors, such as the performance of the underlying funds and the size and frequency of purchase and redemption orders. Principal Risks of Investing in the Series As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.<br /><br />Asset allocation risk &#8212; The Series is subject to asset allocation risk, which is the risk that the selection of the underlying funds and the allocation of the underlying funds' assets among the various asset classes and market segments will cause the Series to underperform other Series with a similar investment objective.<br /><br />Market risk &#8212; Stock and bond markets rise and fall daily. As with any investment whose performance is tied to these markets, the value of your investment in the Series will fluctuate, which means that you could lose money on your investment.<br /><br />Large redemption risk &#8212; Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series' shares. Redemptions by these institutions or individuals may impact the Series' liquidity and net asset value (NAV).<br /><br />Principal Risks of the Underlying Funds<br /><br />Through its investments in the underlying funds, the Series will be subject to the risks of those funds, which include the following:<br /><br />Investment risk &#8212; The Series may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective.<br /><br />Management risk &#8212; The underlying funds are actively managed mutual funds. Any actively managed mutual fund is subject to the risk that its investment advisor will make poor security selections. When making investment decisions for an underlying fund, the Advisor applies its own investment techniques and risk analyses, but there can be no guarantee that they will produce the desired results.<br /><br />Because the Disciplined Value Series&#8217; portfolio is selected using a systematic process, the Series is subject to the additional risk that the Advisor&#8217;s judgments regarding the investment criteria underlying the systematic process may prove to be incorrect. In addition, the Advisor's approach to value investing, or value investing in general, may go in and out of favor in the market.<br/><br/>Fixed income risk &#8212; The prices of an underlying fund&#8217;s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. The lower the quality of the bonds, the greater this risk becomes. Current market conditions may pose heightened risks for the underlying funds. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the underlying funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, an underlying fund&#8217;s value may fluctuate and/or an underlying fund may experience increased redemptions from shareholders, which may impact an underlying fund&#8217;s liquidity or force an underlying fund to sell securities into a declining or illiquid market.<br /><br />Convertible securities risk &#8212; An underlying fund&#8217;s investments in convertible securities are subject to interest rate risk and credit risk, which are described below. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.<br /><br />Risks related to ETFs &#8212; The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. An underlying fund will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.<br /><br />Interest rate risk &#8212; The risk that the value of fixed income securities, including U.S. Government securities, will fall due to rising interest rates. Longer-term bonds will experience greater fluctuations than shorter-term bonds in response to interest rate changes. Risks associated with rising rates are heightened given that interest rates in the U.S. are at, or near, historic lows.<br /><br />Credit risk &#8212; The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation. This risk is greater for junk bonds and other lower quality bonds.<br /><br />Prepayment and extension risk &#8212; Fixed income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt the fund&#8217;s yield or share price.<br /><br />Mortgage- and asset-backed securities risks &#8212; The underlying funds&#8217; investments in mortgage-backed and asset-backed securities may subject them to the following additional risks:<ul type="square"><li>Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.</li></ul><ul type="square"><li>Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.</li></ul>Equity risk &#8212; The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time.<br /><br />Large-cap risk &#8212; Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments &#8212; small-cap stocks, for instance &#8212; an underlying fund&#8217;s performance could be reduced to the extent its portfolio is holding large-cap stocks.<br /><br />Small- and mid-cap risk &#8212; Historically, small- and mid-cap stocks have been riskier than large-cap stocks. Stock prices of smaller companies may be based in substantial part on future expectations rather than current achievements and may move sharply, especially during market upturns and downturns. Small- and mid-cap companies themselves may be more vulnerable to adverse business or economic events than larger, more established companies. Investments in small- and mid-cap stocks are also subject to liquidity risk, which is described below.<br /><br />Foreign investment risk &#8212; An underlying fund&#8217;s investments in securities of foreign issuers may involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may be heightened in connection with investments in emerging markets.<br /><br />Real estate securities risk &#8212; An underlying fund&#8217;s holdings in securities of issuers in the real estate industry, including investments in real estate investment trusts (REITs) and real estate operating companies (REOCs), may subject it to additional risks even though the underlying fund does not invest directly in real estate. These risks include, but are not limited to, the following: fluctuations in the value of real estate properties and interest rates, defaults by borrowers or tenants, extended vacancies and declining rents, a lack of ability to obtain mortgage financing or other limits to accessing the credit or capital markets, increased competition and overbuilding and increases in real estate or operating taxes. Any geographic concentration of an underlying fund&#8217;s real estate related investments could result in the underlying fund being subject to the above risks to a greater degree. In addition, REITs and REOCs have their own expenses, and an underlying fund that invests in REITs and REOCs will bear a proportionate share of those expenses.<br /><br />High-yield securities risk &#8212; An underlying fund&#8217;s investments in high-yield securities (junk bonds) may subject it to the following additional risks:<ul type="square"><li>High-yield securities may underperform other sectors of the bond market, or the market as a whole.</li></ul><ul type="square"><li>The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market.</li></ul><ul type="square"><li>Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities.</li></ul><ul type="square"><li>An underlying fund&#8217;s investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.</li></ul>Non-diversification risk &#8212; Certain of the underlying funds are non-diversified, which means that they may invest in the securities of relatively few issuers. As a result, an underlying fund may be susceptible to a single adverse economic, political or regulatory occurrence affecting one or more of those issuers, and may experience increased volatility due to its investments in those securities.<br /><br />Risks of investing in BDCs &#8212; An underlying fund's investments in BDCs are subject to additional risks. BDCs generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. Generally, little public information exists for the companies in which a BDC may invest and there is a risk that investors in the BDC may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. An underlying fund will indirectly bear its proportionate share of any management and other operating expenses and of any performance based or incentive fees charged by the BDCs in which it invests, in addition to the expenses paid by the underlying fund.<br /><br />Risks of investing in MLPs &#8212; An underlying fund's investments in MLPs are subject to additional risks. MLPs often own several properties or businesses (or other interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP&#8217;s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. There may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. Additional risks involved with investing in a MLP are risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries.<br /><br />Derivatives risk &#8212; An underlying fund is subject to the following risks due to its ability to invest in options, futures, forwards and swaps:<ul type="square"><li>Derivatives can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a derivative contract may not correlate perfectly with the underlying investment.</li></ul><ul type="square"><li>An underlying fund may not be able to receive amounts payable to it under its derivatives contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the underlying fund&#8217;s investments in such contracts may not be as liquid as the underlying fund&#8217;s other investments.</li></ul><ul type="square"><li>An underlying fund&#8217;s use of forwards and swaps is also subject to the risk that the counterparty to the contract will default or otherwise become unable to honor its obligation to the underlying fund.</li></ul>Sector focus risk &#8212; Because an underlying fund's investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, an underlying fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.<br /><br />Liquidity risk &#8212; A particular investment may be difficult to purchase or sell. An underlying fund may be unable to sell illiquid securities at an advantageous time or price.<br /><br />Large redemption risk &#8212; Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of an underlying fund&#8217;s shares. Redemptions by these institutions or individuals in an underlying fund may impact the underlying fund&#8217;s liquidity and net asset value (NAV).<br /><br />The risks above could contribute to a decline in the value of the investments of the Series and/or the underlying funds and, consequently, the share price of the Series. Summary of Past Performance The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the performance of the Class S shares of the Series for each full calendar year since its inception. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index, as well as a 15/5/10/70 Blended Index, 15% of which is the Russell 3000<sup>&#174;</sup> Value Index, 5% of which is the MSCI ACWI ex USA Index, 10% of which is the MSCI U.S. Real Estate Investment Trust Index, and 70% of which is the Bloomberg Barclays U.S. Aggregate Bond Index. The 15/5/10/70 Blended Index is provided because it better reflects the asset allocation of the Series as compared to the broad-based index. Because the Series' asset allocation will vary over time, the composition of the Series' portfolio may not match the composition of the comparative indices' portfolios. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com. Calendar Years Ended December 31 Quarterly Returns<br />Highest (quarter ended 06/30/14): 3.50%<br />Lowest (quarter ended 06/30/13): (2.08)% AVERAGE ANNUAL TOTAL RETURNS<br/> FOR PERIODS ENDED DECEMBER 31, 2017 The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series&#8217; financial statements) because the financial highlights include only the Series&#8217; direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in the underlying funds. April 30, 2019 You could lose money by investing in the Series. Non-diversification risk &#8212; Certain of the underlying funds are non-diversified, which means that they may invest in the securities of relatively few issuers. As a result, an underlying fund may be susceptible to a single adverse economic, political or regulatory occurrence affecting one or more of those issuers, and may experience increased volatility due to its investments in those securities. The bar chart shows the performance of the Class S shares of the Series for each full calendar year since its inception. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index, as well as a 15/5/10/70 Blended Index, 15% of which is the Russell 3000<sup>&#174;</sup> Value Index, 5% of which is the MSCI ACWI ex USA Index, 10% of which is the MSCI U.S. Real Estate Investment Trust Index, and 70% of which is the Bloomberg Barclays U.S. Aggregate Bond Index. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index, as well as a 15/5/10/70 Blended Index, 15% of which is the Russell 3000<sup>&#174;</sup> Value Index, 5% of which is the MSCI ACWI ex USA Index, 10% of which is the MSCI U.S. Real Estate Investment Trust Index, and 70% of which is the Bloomberg Barclays U.S. Aggregate Bond Index. The 15/5/10/70 Blended Index is provided because it better reflects the asset allocation of the Series as compared to the broad-based index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. www.manning-napier.com The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualFundOperatingExpenses000123 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualTotalReturnsBarChart000126 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleExpenseExampleTransposed000124 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAverageAnnualTotalReturnsTransposed000127 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleShareholderFees000122 column period compact * ~</div> Strategic Income Moderate Series <br/><br/> <b>Summary Section </b> Investment Goal The Series&#8217; investment objective is to manage against capital risk while generating income and pursuing long-term capital growth. Fees and Expenses This table describes the fees and expenses you may pay if you buy and hold shares of the Series. STRATEGIC INCOME MODERATE SERIES <br/><br/><b>Shareholder Fees</b> (fees paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) Example The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series&#8217; operating expenses remain the same (taking into account the Advisor&#8217;s contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Series pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 12% of the average value of its portfolio. Principal Investment Strategies The Series is designed to generate income, pursue capital growth in order to provide purchasing power protection, and to manage risk. The Series seeks to achieve its investment objective by investing in a combination of other Series of the Manning &amp; Napier Fund, Inc. and advised by the Advisor (the &#8220;underlying funds&#8221;) according to an asset allocation strategy. The Series may invest in a combination of the Core Bond Series, Disciplined Value Series, Equity Income Series, Global Fixed Income Series, High Yield Bond Series, Real Estate Series, and Unconstrained Bond Series, as well as other Series of the Fund. <br/><br/>As of March 31, 2018, the Series&#8217; target allocation among the underlying funds was as follows:<br /><table style="border-bottom:0.5pt solid #000000;border-collapse:collapse;empty-cells:show;margin-top:5pt;width:99.61%;" cellpadding="0" cellspacing="0"> <tr style="page-break-inside:avoid;"> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:7pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:90.07%;">Core Bond Series </td> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:3pt;padding-left:2.5pt;padding-top:7pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:;width:8.95%;">34% </td></tr> <tr style="page-break-inside:avoid;"> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:3pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:90.07%;">Disciplined Value Series </td> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:3pt;padding-left:2.5pt;padding-top:3pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:;width:8.95%;">22% </td></tr> <tr style="page-break-inside:avoid;"> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:3pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:90.07%;">Equity Income Series </td> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:3pt;padding-left:2.5pt;padding-top:3pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:;width:8.95%;">21% </td></tr> <tr style="page-break-inside:avoid;"> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:3pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:90.07%;">High Yield Bond Series </td> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:3pt;padding-left:2.5pt;padding-top:3pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:;width:8.95%;">5% </td></tr> <tr style="page-break-inside:avoid;"> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:3pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:90.07%;">Real Estate Series </td> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:3pt;padding-left:2.5pt;padding-top:3pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:;width:8.95%;">8% </td></tr> <tr style="page-break-inside:avoid;"> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:6pt;padding-left:6pt;padding-right:2.5pt;padding-top:3pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:90.07%;">Unconstrained Bond Series </td> <td style="border-bottom:0.5pt solid #000000;color:#262626;font-style:normal;font-weight:normal;line-height:12pt;padding-bottom:6pt;padding-left:2.5pt;padding-top:3pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:;width:8.95%;">10% </td></tr></table><br/>The <b>Core Bond Series</b> will invest, under normal circumstances, at least 80% of its net assets in investment grade bonds and other financial instruments, primarily exchange-traded funds (ETFs), with economic characteristics similar to bonds. The Core Bond Series is not subject to any maturity or duration restrictions, but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor's outlook for yields. The <b>Disciplined Value Series</b> will, under normal circumstances, invest at least 80% of its assets in dividend-paying common stocks. In selecting stocks for the Disciplined Value Series, the Advisor uses a systematic process to identify stocks of U.S. companies that it believes are undervalued in the market, based on factors such as free cash flow generation and earnings power, and that meet other investment criteria relating to minimum dividend yield, dividend sustainability, and financial health. The Disciplined Value Series invests primarily in the common stocks of mid- to large- capitalization companies (generally companies with market capitalizations at the time of purchase within the market capitalization range of the companies comprising the Russell 1000&#174; Value Index). The <b>Equity Income Series</b> will invest, under normal circumstances, at least 80% of its net assets in equity securities. It invests primarily in income-producing equity securities. The Equity Income Series may invest in securities of small, large or mid-size companies, and it may also invest in interests in business development companies (BDCs) and limited partner interests in master limited partnerships (MLPs). The Equity Income Series may also invest in derivative instruments, as it may write (sell) options on securities. The <b>Global Fixed Income Series</b> will invest, under normal circumstances, at least 80% of its assets in fixed income securities. These securities may be issued by issuers located anywhere in the world, including emerging markets. Under normal circumstances, the Global Fixed Income Series will invest at least 40% of its net assets in securities issued by non-U.S. companies or non-U.S. governments, their agencies, or instrumentalities. The Global Fixed Income Series invests primarily in investment grade securities but may invest up to 20% of its assets in lower quality bonds, commonly known as "junk bonds," The Global Fixed Income Series is not subject to any maturity or duration restrictions but will vary its average dollar-weighted portfolio maturity and duration depending on the Advisor's outlook for yields and currency fluctuations. The <b>High Yield Bond Series</b> will invest, under normal circumstances, at least 80% of its net assets in bonds that are rated below investment grade (junk bonds) and other securities, primarily ETFs, that are designed to track the performance of non-investment grade securities. The High Yield Bond Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor&#8217;s outlook for yields. The <b>Real Estate Series</b> will invest, under normal circumstances, at least 80% of its net assets in securities of companies that are principally engaged in the real estate industry. The Real Estate Series may invest in equity securities, including convertible securities, of small-, large-, or mid-size companies, and it may also invest in debt securities, typically investment grade securities. The Real Estate Series may also invest in derivative instruments, as it may write (sell) options on securities. The <b>Unconstrained Bond Series</b> will invest, under normal circumstances, at least 80% of its net assets in bonds and other financial instruments, principally derivative instruments and ETFs, with economic characteristics similar to bonds. The Unconstrained Bond Series is not subject to any maturity or duration restrictions but its average dollar-weighted portfolio duration will normally vary from negative 3 years to positive 8 years depending on the Advisor&#8217;s outlook for yields. The Unconstrained Bond Series may invest up to 50% of its assets in below investment grade securities (also referred to as &#8220;junk bonds&#8221;) and may invest up to 50% of its assets in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. The Unconstrained Bond Series may also invest in derivative instruments, as it may invest in options, futures, forwards and swaps.<br /><br />The Series is managed with a less conservative asset allocation than the Strategic Income Conservative Series. The asset allocation range for the Series is expected to be 35%-65% in the underlying stock funds and 35%-65% in the underlying bond funds.<br /><br />The Series&#8217; management team will actively adjust the Series&#8217; allocation to the underlying funds in accordance with its investment goal and the Advisor&#8217;s view of prevailing market conditions, such as market trends, its outlook for a given asset class, and the underlying funds&#8217; performance in various market conditions. Accordingly, the Series&#8217; allocation to a particular underlying fund may increase or decrease throughout the year and the Series may have no allocation to a particular underlying fund during the year. At any given time, the Series&#8217; allocation to the underlying funds may be affected by a number of factors, such as the performance of the underlying funds and the size and frequency of purchase and redemption orders. Principal Risks of Investing in the Series As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.<br/><br/>Asset allocation risk &#8212; The Series is subject to asset allocation risk, which is the risk that the selection of the underlying funds and the allocation of the underlying funds' assets among the various asset classes and market segments will cause the Series to underperform other Series with a similar investment objective.<br/><br/>Market risk &#8212; Stock and bond markets rise and fall daily. As with any investment whose performance is tied to these markets, the value of your investment in the Series will fluctuate, which means that you could lose money on your investment.<br/><br/>Large redemption risk &#8212; Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series' shares. Redemptions by these institutions or individuals may impact the Series' liquidity and net asset value (NAV). <br/><br/>Principal Risks of the Underlying Funds<br/><br />Through its investments in the underlying funds, the Series will be subject to the risks of those funds, which include the following:<br /><br />Investment risk &#8212; The Series may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective.<br /><br />Management risk &#8212; The underlying funds are actively managed mutual funds. Any actively managed mutual fund is subject to the risk that its investment advisor will make poor security selections. When making investment decisions for an underlying fund, the Advisor applies its own investment techniques and risk analyses, but there can be no guarantee that they will produce the desired results.<br /><br />Because the Disciplined Value Series&#8217; portfolio is selected using a systematic process, the Series is subject to the additional risk that the Advisor&#8217;s judgments regarding the investment criteria underlying the systematic process may prove to be incorrect. In addition, the Advisor's approach to value investing, or value investing in general, may go in and out of favor in the market.<br /><br />Fixed income risk &#8212; The prices of an underlying fund&#8217;s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. The lower the quality of the bonds, the greater this risk becomes. Current market conditions may pose heightened risks for the underlying funds. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the underlying funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, an underlying fund&#8217;s value may fluctuate and/or an underlying fund may experience increased redemptions from shareholders, which may impact an underlying fund&#8217;s liquidity or force an underlying fund to sell securities into a declining or illiquid market.<br /><br />Convertible securities risk &#8212; An underlying fund&#8217;s investments in convertible securities are subject to interest rate risk and credit risk, which are described below. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.<br /><br />Risks related to ETFs &#8212; The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. An underlying fund will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.<br /><br />Interest rate risk &#8212; The risk that the value of fixed income securities, including U.S. Government securities, will fall due to rising interest rates. Longer-term bonds will experience greater fluctuations than shorter-term bonds in response to interest rate changes. Risks associated with rising rates are heightened given that interest rates in the U.S. are at, or near, historic lows.<br /><br />Credit risk &#8212; The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation. This risk is greater for junk bonds and other lower quality bonds.<br /><br />Prepayment and extension risk &#8212; Fixed income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt the fund&#8217;s yield or share price.<br /><br />Mortgage- and asset-backed securities risks &#8212; The underlying funds&#8217; investments in mortgage-backed and asset-backed securities may subject them to the following additional risks:<ul type="square"><li>Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.</li></ul><ul type="square"><li>Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.</li></ul>Equity risk &#8212; The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time.<br /><br />Large-cap risk &#8212; Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments &#8212; small-cap stocks, for instance &#8212; an underlying fund&#8217;s performance could be reduced to the extent its portfolio is holding large-cap stocks.<br /><br />Small- and mid-cap risk &#8212; Historically, small- and mid-cap stocks have been riskier than large-cap stocks. Stock prices of smaller companies may be based in substantial part on future expectations rather than current achievements and may move sharply, especially during market upturns and downturns. Small- and mid-cap companies themselves may be more vulnerable to adverse business or economic events than larger, more established companies. Investments in small- and mid-cap stocks are also subject to liquidity risk, which is described below.<br /><br />Foreign investment risk &#8212; An underlying fund&#8217;s investments in securities of foreign issuers may involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs.<br /><br />Emerging markets risk &#8212; In addition to the risks discussed above relating to investments in foreign companies located in developed countries, an underlying fund&#8217;s investments in emerging market countries are subject to the following risks:<ul type="square"><li>Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.</li></ul><ul type="square"><li>Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.</li></ul><ul type="square"><li>It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.</li></ul><ul type="square"><li>There will tend to be an increased risk of price volatility associated with the Series&#8217; investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.</li></ul>Real estate securities risk &#8212; An underlying fund&#8217;s holdings in securities of issuers in the real estate industry, including investments in real estate investment trusts (REITs) and real estate operating companies (REOCs) may subject it to additional risks even though the underlying fund does not invest directly in real estate. These risks include, but are not limited to, the following: fluctuations in the value of real estate properties and interest rates, defaults by borrowers or tenants, extended vacancies and declining rents, a lack of ability to obtain mortgage financing or other limits to accessing the credit or capital markets, increased competition and overbuilding and increases in real estate or operating taxes. Any geographic concentration of an underlying fund&#8217;s real estate related investments could result in the underlying fund being subject to the above risks to a greater degree. In addition, REITs and REOCs have their own expenses, and an underlying fund that invests in REITs and REOCs will bear a proportionate share of those expenses.<br /><br />High-yield securities risk &#8212; An underlying fund&#8217;s investments in high-yield securities (junk bonds) may subject it to the following additional risks:<ul type="square"><li>High-yield securities may underperform other sectors of the bond market, or the market as a whole.</li></ul><ul type="square"><li>The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market.</li></ul><ul type="square"><li>Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities.</li></ul><ul type="square"><li>An underlying fund&#8217;s investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.</li></ul>Non-diversification risk &#8212; Certain of the underlying funds are non-diversified, which means that they may invest in the securities of relatively few issuers. As a result, an underlying fund may be susceptible to a single adverse economic, political or regulatory occurrence affecting one or more of those issuers, and may experience increased volatility due to its investments in those securities.<br /><br />Risks of investing in BDCs &#8212; An underlying fund's investments in BDCs are subject to additional risks. BDCs generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. Generally, little public information exists for the companies in which a BDC may invest and there is a risk that investors in the BDC may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. An underlying fund will indirectly bear its proportionate share of any management and other operating expenses and of any performance based or incentive fees charged by the BDCs in which it invests, in addition to the expenses paid by the underlying fund.<br /><br />Risks of investing in MLPs &#8212; An underlying fund's investments in MLPs are subject to additional risks. MLPs often own several properties or businesses (or other interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP&#8217;s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. There may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. Additional risks involved with investing in a MLP are risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries.<br /><br />Derivatives risk &#8212; An underlying fund is subject to the following risks due to its ability to invest in options, futures, forwards and swaps:<ul type="square"><li>Derivatives can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a derivative contract may not correlate perfectly with the underlying investment.</li></ul><ul type="square"><li>An underlying fund may not be able to receive amounts payable to it under its derivatives contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the underlying fund&#8217;s investments in such contracts may not be as liquid as the underlying fund&#8217;s other investments.</li></ul><ul type="square"><li>An underlying fund&#8217;s use of forwards and swaps is also subject to the risk that the counterparty to the contract will default or otherwise become unable to honor its obligation to the underlying fund.</li></ul>Sector focus risk &#8212; Because an underlying fund's investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, an underlying fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.<br /><br />Liquidity risk &#8212; A particular investment may be difficult to purchase or sell. An underlying fund may be unable to sell illiquid securities at an advantageous time or price.<br /><br />Large redemption risk &#8212; Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of an underlying fund&#8217;s shares. Redemptions by these institutions or individuals in an underlying fund may impact the underlying fund&#8217;s liquidity and net asset value (NAV).<br /><br />The risks above could contribute to a decline in the value of the investments of the Series and/or the underlying funds and, consequently, the share price of the Series. Summary of Past Performance The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the performance of the Class S shares of the Series for each full calendar year since its inception. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index and a blended index. For the period from August 1, 2012 through September 30, 2013, the Strategic Income Moderate Benchmark consists of the Russell 3000<sup>&#174;</sup> Value Index (40%), MSCI ACWI ex USA Index (10%), MSCI U.S. Real Estate Investment Trust Index (10%), and Bloomberg Barclays U.S. Aggregate Bond Index (40%). For the period beginning October 1, 2013, the Strategic Income Moderate Benchmark consists of the Russell 3000<sup>&#174;</sup> Value Index (32%), MSCI ACWI ex USA Index (8%), MSCI U.S. Real Estate Investment Trust Index (10%), and Bloomberg Barclays U.S. Aggregate Bond Index (50%) to reflect a change in the target allocation of the Series. The Strategic Income Moderate Benchmark is provided because it better reflects the asset allocation of the Series as compared to the broad-based index. Because the Series&#8217; asset allocation will vary over time the composition of the Series&#8217; portfolio may not match the composition of the comparative indices&#8217; portfolios. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com. Calendar Years Ended December 31 Quarterly Returns<br/>Highest (quarter ended 03/31/13): 5.92%<br/>Lowest (quarter ended 09/30/15): (3.73)% AVERAGE ANNUAL TOTAL RETURNS<br/>FOR PERIODS ENDED DECEMBER 31, 2017 The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series&#8217; financial statements) because the financial highlights include only the Series&#8217; direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in the underlying funds. April 30, 2019 You could lose money by investing in the Series. Non-diversification risk &#8212; Certain of the underlying funds are non-diversified, which means that they may invest in the securities of relatively few issuers. As a result, an underlying fund may be susceptible to a single adverse economic, political or regulatory occurrence affecting one or more of those issuers, and may experience increased volatility due to its investments in those securities. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index and a blended index. For the period from August 1, 2012 through September 30, 2013, the Strategic Income Moderate Benchmark consists of the Russell 3000<sup>&#174;</sup> Value Index (40%), MSCI ACWI ex USA Index (10%), MSCI U.S. Real Estate Investment Trust Index (10%), and Bloomberg Barclays U.S. Aggregate Bond Index (40%). For the period beginning October 1, 2013, the Strategic Income Moderate Benchmark consists of the Russell 3000<sup>&#174;</sup> Value Index (32%), MSCI ACWI ex USA Index (8%), MSCI U.S. Real Estate Investment Trust Index (10%), and Bloomberg Barclays U.S. Aggregate Bond Index (50%) to reflect a change in the target allocation of the Series. The Strategic Income Moderate Benchmark is provided because it better reflects the asset allocation of the Series as compared to the broad-based index. The bar chart shows the performance of the Class S shares of the Series for each full calendar year since its inception. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index and a blended index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. www.manning-napier.com The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualFundOperatingExpenses000133 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualTotalReturnsBarChart000136 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleExpenseExampleTransposed000134 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleShareholderFees000132 column period compact * ~</div> Highest 2014-06-30 Lowest 2013-06-30 Highest 2013-03-31 Lowest 2015-09-30 2005-04-21 2005-04-21 2005-04-21 2005-04-21 2005-04-21 <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAverageAnnualTotalReturnsTransposed000017 column period compact * ~</div> 1994-02-14 1994-02-14 1994-02-14 1994-02-14 <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAverageAnnualTotalReturnsTransposed000027 column period compact * ~</div> 2012-07-31 2012-08-01 2012-08-01 2012-08-01 2012-08-01 2012-08-01 2013-12-31 2013-12-31 2013-12-31 2013-12-31 2013-12-31 <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAverageAnnualTotalReturnsTransposed000137 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAverageAnnualTotalReturnsTransposed000037 column period compact * ~</div> 2009-09-14 2009-09-14 2009-09-14 2009-09-14 2009-09-14 2009-09-14 Principal Risks of Investing in the Series As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.<br/><br/>Management risk &#8212; The value of your investment may decline if the Advisor&#8217;s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.<br/><br/>Market risk &#8212; Because the Series invests in stocks, the value of your investment will fluctuate in response to stock market movements. This means that you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:<ul type="square"><li>U.S. and/or foreign stock markets decline. </li></ul><ul type="square"><li>An adverse event, such as an unfavorable earnings report, depresses the value of one or more of the Series&#8217; portfolio holdings. </li></ul>Foreign securities risk &#8212; Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign common stocks may, at times, move in a different direction than the prices of U.S. stocks. The Series&#8217; investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar. The Advisor&#8217;s attempt to manage the currency risk described above may not accurately predict movements in currency exchange rates, which could cause the Series to sustain losses.<br/><br/>Emerging markets risk &#8212; The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series&#8217; investments in emerging market countries are subject to the following risks:<ul type="square"><li>Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. </li></ul><ul type="square"><li>Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. </li></ul><ul type="square"><li>It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. </li></ul><ul type="square"><li>There will tend to be an increased risk of price volatility associated with the Series&#8217; investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. </li></ul>Large-cap risk &#8212; Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments &#8212; small-cap stocks, for instance &#8212; the Series' performance could be reduced to the extent its portfolio is holding large-cap stocks.<br/><br/>Small- and mid-cap risk &#8212; The Series may also have special risks due to its investments in stocks of small- and mid-size companies. These risks include the following:<ul type="square"><li>The stocks of small- and mid-size companies may be subject to more abrupt or erratic market movements than the stocks of larger companies.</li></ul><ul type="square"><li>The stocks of small- and mid-size companies may be subject to liquidity risk because such stocks may have lower trading volume and be less marketable than the stocks of larger companies. Liquidity risk is further described below.</li></ul><ul type="square"><li>Small- and mid-size companies may have limited product lines, markets, or financial resources, and they may depend on a small management group. As a result, they fail more often than larger companies.</li></ul>Forward contracts risk &#8212; The Series is subject to the following risks due to its ability to invest in forward contracts:<ul type="square"><li>Forwards, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a forward contract may not correlate perfectly with the underlying investment. </li></ul><ul type="square"><li>The Series may not be able to receive amounts payable to it under its forward contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series&#8217; investments in such contracts may not be as liquid as the Series&#8217; other investments. </li></ul><ul type="square"><li>The Series&#8217; use of forwards is also subject to the risk that the counterparty to the forward contract will default or otherwise become unable to honor its obligation to the Series. </li></ul>Risks related to ETFs &#8212; The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.<br/><br/>Geographic focus risk &#8212; Because the Series' investments may, from time to time, be more heavily invested in a particular country or geographic region, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those countries and regions. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund holding more geographically diverse investments.<br/><br/>Sector focus risk &#8212; Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.<br/><br/>Liquidity risk &#8212; The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.<br/><br/>Large redemption risk &#8212; Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series&#8217; shares. Redemptions by these institutions or individuals in the Series may impact the Series&#8217; liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series&#8217; portfolio turnover rate and transaction costs to rise, which may negatively affect the Series&#8217; performance and increase the likelihood of capital gain distributions for remaining shareholders.<br/><br/>The risks above could contribute to a decline in the value of the Series&#8217; investments and, consequently, the share price of the Series. You could lose money by investing in the Series. Summary of Past Performance The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Class S and Class I shares for different periods compare to those of a broad-based securities index. www.manning-napier.com Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Calendar Years Ended December 31 Quarterly Returns<br />Highest (quarter ended 09/30/09): 20.18%<br />Lowest (quarter ended 09/30/11): (21.17)% AVERAGE ANNUAL TOTAL RETURNS<br/>FOR PERIODS ENDED DECEMBER 31, 2017 The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax figures are shown for one share class only, and would be different for the other share class. <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAverageAnnualTotalReturnsTransposed000057 column period compact * ~</div> 2012-10-01 2012-10-01 2012-10-01 2012-10-01 2012-10-01 <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAverageAnnualTotalReturnsTransposed000047 column period compact * ~</div> The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series' financial statements) because the financial highlights include only the Series' direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. April 30, 2019 1994-02-14 1994-02-14 1994-02-14 1994-02-14 <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAverageAnnualTotalReturnsTransposed000087 column period compact * ~</div> 1994-01-17 1994-01-17 1994-01-17 1994-01-17 <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAverageAnnualTotalReturnsTransposed000077 column period compact * ~</div> 1992-08-27 1992-08-27 1992-08-27 1992-08-27 1992-08-31 2012-08-01 2012-08-01 2012-08-01 2012-08-01 2012-08-01 2012-07-31 2009-11-10 2009-11-10 2009-11-10 2009-11-10 2009-11-10 <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAverageAnnualTotalReturnsTransposed000097 column period compact * ~</div> Lowest 2011-09-30 Lowest 2008-09-30 2005-04-21 2005-04-21 2005-04-21 2005-04-30 2005-04-21 2005-04-21 <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAverageAnnualTotalReturnsTransposed000107 column period compact * ~</div> Highest 2009-09-30 1996-09-06 1996-09-06 1996-09-06 1996-09-30 <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAverageAnnualTotalReturnsTransposed000117 column period compact * ~</div> Highest 2009-09-30 <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAnnualTotalReturnsBarChart000066 column period compact * ~</div> <div style="display:none">~ http://www.manning-napier.com/role/ScheduleAverageAnnualTotalReturnsTransposed000067 column period compact * ~</div> The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 125% of the average value of its portfolio. The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Class S and Class I shares for different periods compare to those of a broad-based securities index. The Series&#8217; Class I shares commenced operations on March 15, 2012, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series&#8217; Class S shares. Because Class I shares of the Series invest in the same portfolio of securities, returns for the Class I shares will be substantially similar to those of the Class S shares. Performance will be different only to the extent that the Class I shares have lower expenses. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com. Highest 2009-09-30 Lowest 2008-12-31 51 160 280 628 77 240 417 930 112 369 646 1435 65 287 526 1213 91 365 660 1501 0 0 60 288 535 1241 86 367 669 1527 0 0 0 0 0 80 249 433 966 87 271 471 1049 112 350 606 1340 0 0 0 61 192 335 750 90 291 510 1138 115 370 644 1427 0 0 0 91 303 533 1193 111 366 640 1424 72 233 408 915 87 280 489 1092 67 226 399 900 93 305 535 1195 0 0 0 0 0 0 59 186 324 726 46 160 284 646 72 239 421 948 0 0 0 0.004 0.004 0 0 0.0012 0.0037 0 0.0025 0.0012 0.0012 0.0052 0.0077 -0.0007 -0.0007 0.0045 0.007 0.005 0 0.0008 0.0058 0.0291 0.0166 0.1146 0.0897 0.0568 0.0974 -0.0079 0.0362 0.0044 0.0253 0.48 0.0237 -0.0179 0.1275 0.0041 0.0824 0.0301 -0.0128 0.0151 0.0151 -0.0083 0.04 -0.0552 0.0731 -0.038 0.0681 0.0065 0.0065 0 0 0.0019 0.0039 0 0.002 0.0019 0.0019 0.0014 0.0014 0.0098 0.0118 -0.0009 -0.0009 0.0089 0.0109 0.006 0.006 0 0 0.0014 0.0029 0 0.0015 0.0014 0.0014 0.0074 0.0089 -0.0004 -0.0004 0.007 0.0085 0.0055 0.0055 0 0 0.0017 0.0042 0 0.0025 0.0017 0.0017 0.0001 0.0001 0.0073 0.0098 -0.0007 -0.0007 0.0066 0.0091 0.1359 0.0487 0.1446 0.0717 0.0204 -0.0328 0.1341 1.06 0.0634 -0.0032 0.0057 -0.0545 0.0022 0.34 0.1519 0.1163 -0.032 0.1482 0.52 0.0075 0.0075 0 0 0.0015 0.004 0.0003 0.0003 0.0093 0.0118 -0.0005 -0.0005 0.0088 0.0113 0.005 0 0.001 0.006 -0.0449 0.0383 -0.0734 0.0747 -0.0237 0.1246 0.0032 0.0837 0.0331 -0.0172 0.0128 0.0154 -0.0079 0.09 -0.0527 0.0623 -0.0488 0.0681 0.005 0 0.0028 0.0078 0.0075 0.0075 0 0 0.001 0.0035 0 0.0025 0.001 0.001 0.0085 0.011 0.0866 0.244 0.0529 0.2193 0.0267 0.2814 0.0414 0.0791 0.42 0.0208 -0.0174 0.1309 0.0014 0.0865 0.0309 -0.0159 0.0127 0.0131 -0.0081 0.08 -0.1529 0.1515 -0.0586 0.0742 0.0045 0.0045 0 0 0.0005 0.003 0 0.0025 0.0005 0.0005 0.005 0.0075 0.0075 0 0.0044 0.0025 0.0019 0.0119 -0.0009 0.011 0 0 0 0 0.0051 0.0076 0 0.0025 0.0051 0.0051 0.0054 0.0054 0.0105 0.013 -0.0046 -0.0046 0.0059 0.0084 0.0496 0.063 0.0008 0.0612 0.0717 0.0717 0.0489 0.051 0.0607 0.0344 0.0362 0.0429 0.0326 0.0343 0.0733 0.0517 0.0535 0.0227 0.017 0.017 0.0609 0.0478 0.0482 0.21 0 0 0 0 0.0043 0.0068 0 0.0025 0.0043 0.0043 0.0059 0.0059 0.0102 0.0127 -0.0038 -0.0038 0.0064 0.0089 0.1149 0.0666 -0.0101 0.091 0.1039 0.12 0.2333 -0.4007 0.3912 0.0923 -0.1614 0.1881 0.1879 -0.0977 -0.0591 0.0226 0.38 0.0319 0.0124 0.1435 0.1018 0.0491 0.1094 -0.0002 0.0318 -0.0088 0.0408 0.62 0.0354 0.021 0.0401 0.042 -0.0373 0.0592 -0.0208 0.035 0.0291 0.0208 0.0167 0.031 0.0173 0.0045 0.0083 0.0186 0.0455 0.0315 0.0306 0.0461 0.0445 0.0307 0.0298 0.045 0.0227 0.0226 0.0227 0.0176 0.032 0.005 0.0046 0.0062 0.0193 0.0238 0.0233 0.0232 0.0352 0.0362 0.0357 0.0355 0.0448 0.0849 0.0849 0.0615 0.0479 0.0868 0.0697 0.0748 0 0.0025 0.0541 0.0263 0.0289 0.0565 0.0557 0.0578 0.0015 0.0015 0.0777 0.049 0.0491 0.0793 0.0839 0.0878 0.0208 0.0208 0.0158 0.032 0.0044 0.0039 0.0053 0.0193 0.0245 0.0237 0.0234 0.0352 0.036 0.0354 0.035 0.0449 0.0634 0.0634 0.0359 0.0626 0.0695 0.002 -0.0014 0.0002 0.0006 0.0094 0.0037 0.0004 0.0015 0.0023 0.0083 0.0942 0.1531 0.1366 0.1519 0.1405 0.0709 0.0953 0.0983 0.0934 0.0818 0.1039 0.0912 0.0636 0.1067 0.0354 0.084 0.0723 0.0562 0.0513 0.0748 0.021 0.0695 0.0728 0.0567 0.0518 0.0753 0.0205 0.0711 0.0237 0.0237 0.0189 0.032 0.0065 0.0056 0.0072 0.0193 0.025 0.0243 0.0242 0.0352 0.0376 0.0371 0.0366 0.0449 -0.243 0.2018 1.25 0.2495 0.0748 -0.0342 0.2333 0.2322 0.1359 0.2719 0.0493 0.0427 0.0389 0.068 0.0144 0.009 0.012 0.0184 0.0763 0.0537 0.054 0.0554 -0.2117 0.0319 0.0218 0.018 0.0352 0.0084 0.0354 0.0189 0.0055 0.0091 0.021 0.0024 0.021 0.0501 0.0341 0.0335 0.0512 0.0034 0.0401 0.0473 0.032 0.0315 0.0481 0.0118 0.042 -0.1293 0.1593 0.1969 -0.0703 -0.0372 0.0455 0.2513 -0.3325 0.3423 0.1204 0.0866 0.0701 0.0567 0.0885 0.0374 0.0994 0.0729 0.0712 0.1021 0.0799 0.1313 0.109 0.1011 0.133 0.1248 0.2513 0.2444 0.1495 0.255 0.2719 0.0699 0.058 0.0538 0.0728 0.068 0.0357 0.0257 0.0271 0.0373 0.0184 0.0811 0.0631 0.0633 0.0818 0.0653 The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of a Class’s Shareholder Services Fee, do not exceed 0.45% of each Class’s average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses, and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by the Series through its investments in other investment companies. The total annual fund operating expenses in this fee table may not correlate to the expense ratio in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. The total annual fund operating expenses in this fee table may not correlate to the expense ratio in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. The total annual fund operating expenses in this fee table may not correlate to the expense ratio in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of a Class’s Shareholder Services Fee, do not exceed 0.75% of each Class's average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class's operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in other investment companies. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of a Class’s Shareholder Services Fee, do not exceed 0.70% of each Class’s average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses and, therefore, does not apply to acquired funds fees and expenses, which are indirect expenses incurred by the Series through its investments in other investment companies. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of a Class’s Shareholder Services Fee, do not exceed 0.65% of each Class’s average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in other investment companies. Management fees have been restated to reflect contractual changes to the management fees paid by the Series. Other expenses have been restated to reflect the implementation of a 0.25% shareholder services fee. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies. Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of the Series, exclusive of the Series' Shareholder Services Fee, do not exceed 0.85% of the Series' average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit the Series' operating expenses is limited to direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by the Series through its investments in other investment companies. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in the underlying funds. Manning & Napier Advisors, LLC (the “Advisor”) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of the shareholder services fee, do not exceed 0.05% of such Class’s average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the prior approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in the underlying funds. Performance numbers for the Series and the Bloomberg Barclays US Intermediate Aggregate Bond Index are calculated from August 1, 2012, the Series’ inception date. Performance numbers for the 15/5/10/70 Blended Index are calculated from July 31, 2012. The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in the underlying funds. Manning & Napier Advisors, LLC (the “Advisor”) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of the shareholder services fee, do not exceed 0.05% of such Class’s average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the prior approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in the underlying funds. Performance numbers for the Series and the Bloomberg Barclays US Aggregate Bond Index are calculated from August 1, 2012, the Series' inception date. Performance numbers for the Strategic Income Moderate Benchmark are calculated from July 31, 2012. Performance numbers for the Series are calculated from August 27, 1992, the inception date of the Series' Class S shares. Performance numbers for Index are calculated from August 31, 1992. Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of a Class's Shareholder Services Fee, do not exceed 0.85% of each Class's average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series' Board of Directors. The Advisor's agreement to limit each Class's operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in other investment companies. Performance numbers for the Series and the Bloomberg Barclays U.S. Aggregate Bond Index are calculated from April 21, 2005, the inception date of the Series' Class S shares. Performance numbers for the Citigroup 3-Month T-Bill Index are calculated from April 30, 2005. Performance numbers for the Series are calculated from September 6, 1996, the Series' inception date. Performance numbers for the Index are calculated from September 30, 1996. 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Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2017
Registrant Name dei_EntityRegistrantName MANNING & NAPIER FUND, INC.
Central Index Key dei_EntityCentralIndexKey 0000751173
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Apr. 26, 2018
Document Effective Date dei_DocumentEffectiveDate Apr. 30, 2018
Prospectus Date rr_ProspectusDate May 01, 2018
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Core Bond Series
Core Bond Series

Summary Section
Investment Goal
The Series’ investment objective is to provide long-term total return by investing primarily in fixed income securities.
Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
CORE BOND SERIES

Shareholder Fees (paid
directly from your investment)
Shareholder Fees - Core Bond Series - USD ($)
CLASS I
CLASS S
Shareholder Fees (paid directly from your investment) none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Core Bond Series
CLASS I
CLASS S
Management Fees 0.40% 0.40%
Distribution and Service (12b-1) Fees none none
Other Expenses 0.12% 0.37%
Shareholder Services Fee none 0.25%
Remainder of Other Expenses 0.12% 0.12%
Total Annual Fund Operating Expenses [1] 0.52% 0.77%
Less Fee Waiver and/or Expense Reimbursement [2] (0.07%) (0.07%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [1] 0.45% 0.70%
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
[2] Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of a Class’s Shareholder Services Fee, do not exceed 0.45% of each Class’s average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses, and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by the Series through its investments in other investment companies.
Example
The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same (taking into account the Advisor's contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Core Bond Series - USD ($)
AFTER 1 YEAR
AFTER 3 YEARS
AFTER 5 YEARS
AFTER 10 YEARS
CLASS I 46 160 284 646
CLASS S 72 239 421 948
Portfolio Turnover
The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 48% of the average value of its portfolio.
Principal Investment Strategies
The Series will invest, under normal circumstances, at least 80% of its net assets in investment grade bonds and other financial instruments, primarily exchange-traded funds (ETFs), with economic characteristics similar to bonds. For purposes of this policy, bonds may include U.S. dollar denominated fixed income securities issued by U.S. and foreign corporations and governments, inflation protected securities, convertible securities, pass-through securities, and mortgage dollar rolls, which are transactions in which the Series sells a mortgage-backed security and simultaneously contracts to purchase similar securities on a specified future date at a predetermined price. The corporate bonds may be issued by domestic corporations, foreign entities (e.g., yankee bonds), and/or supranational entities, such as the World Bank. Pass-through securities are generally issued by domestic entities (such as GNMA, FNMA, and FHLMC) and entitle the holders to a pro rata share of the cash flows generated by the instruments underlying the security (mortgages, credit card receivables, car loans, etc.). The Series may purchase shares of ETFs, including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series’ portfolio more efficiently than would otherwise be possible.

Bond Selection Process — When investing in corporate and pass-through securities, the Advisor attempts to identify sectors, as well as individual securities within those sectors, that offer yields and credit/prepayment spreads sufficient to compensate the Series for the risks specific to a given sector or security. Credit spreads are a measure of the difference between corporate bonds’ yields to maturity and those of U.S. Treasury securities with similar maturities; this difference compensates investors for the credit risk inherent in corporate bonds. Prepayment spreads quantify the additional yield paid by mortgage-backed bonds relative to U.S. Treasury securities to compensate investors for the risk that mortgage-backed securities’ prepayments will vary over time.

In analyzing the relative attractiveness of sectors and/or individual securities, the Advisor considers:
  • The relevant economic conditions and sector trends.
  • The interest rate sensitivities of the particular sectors and securities.
  • The yield differentials across sectors, credit qualities, pass-through security types, and maturities.
  • “Bottom-up” factors such as issuer-specific credit metrics for corporate bonds and coupon, prepayment, and convexity components (which reflect changing interest rate sensitivities) of pass-through securities.
Maturity and Portfolio Duration — The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

Credit Quality — The Series will typically invest in investment grade securities, those securities rated BBB- or above by S&P or Baa3 or above by Moody’s (or determined to be of equivalent quality by the Advisor).

The Series may buy and sell portfolio securities actively. If it does, its portfolio turnover rate and transaction costs will rise, which may lower fund performance and may increase the likelihood of capital gain distributions.

Securities issued by governments and supranational entities may be sold to adjust the Series' duration and/or yield curve positioning.

Other securities may be sold for one or more of the following reasons:
  • they no longer meet the selection criteria under which they were purchased;
  • their relative value has declined (the spread has tightened such that they are no longer considered attractively priced);
  • a more attractive investment opportunity is identified.
There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.
Principal Risks of Investing in the Series
As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates, credit spreads, and prepayment spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign bond markets decline.
  • The issuer of a corporate bond owned by the Series defaults on its obligation to pay principal and/or interest or has its credit rating downgraded; this risk is greater for lower quality bonds.
  • Interest rates rise, credit spreads widen, and/or prepayment spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series’ portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.
  • Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series’ liquidity or force the Series to sell securities into a declining or illiquid market.

Risk of mortgage dollar rolls — The Series’ mortgage dollar rolls could lose money if the price of the mortgage-backed securities sold falls below the agreed upon repurchase price, or if the counterparty is unable to honor the agreement.

Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States.

Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Inflation protected security risk — The value of inflation protected fixed income securities, including Treasury Inflation Protected Securities (TIPS), generally will fluctuate in response to changes in “real” interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

Convertible securities risk — The Series’ investments in convertible securities are subject to interest rate risk and credit risk, similar to fixed income securities. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.

Mortgage- and asset-backed securities risks — The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:
  • Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.
  • Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.
Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Summary of Past Performance
The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index. The Series’ Class I shares commenced operations on August 3, 2015, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series’ Class S shares. Because the Class I shares of the Series invest in the same portfolio of securities, returns for the Class I shares will be substantially similar to those of the Class S shares. Performance will be different only to the extent that the Class I shares have lower expenses. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Calendar Years Ended December 31
Bar Chart
Quarterly Returns
Highest (quarter ended 09/30/09): 6.81%
Lowest (quarter ended 09/30/08): (3.80)%
AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Average Annual Total Returns - Core Bond Series
1 Year
5 Years
10 Years
Since Inception
Inception Date
Class S Shares 2.91% 1.73% 4.55% 4.45% Apr. 21, 2005
Class S Shares | Return After Taxes on Distributions 2.08% 0.45% 3.15% 3.07% Apr. 21, 2005
Class S Shares | Return After Taxes on Distributions and Sale of Series Shares 1.67% 0.83% 3.06% 2.98% Apr. 21, 2005
Class I Shares 3.10% 1.86% 4.61% 4.50% Apr. 21, 2005
Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) 3.54% 2.10% 4.01% 4.20% Apr. 21, 2005
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 12 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANNING & NAPIER FUND, INC.
Prospectus Date rr_ProspectusDate May 01, 2018
Core Bond Series  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Core Bond Series

Summary Section
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Series’ investment objective is to provide long-term total return by investing primarily in fixed income securities.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption CORE BOND SERIES

Shareholder Fees (paid
directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 48% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 48.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same (taking into account the Advisor's contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Series will invest, under normal circumstances, at least 80% of its net assets in investment grade bonds and other financial instruments, primarily exchange-traded funds (ETFs), with economic characteristics similar to bonds. For purposes of this policy, bonds may include U.S. dollar denominated fixed income securities issued by U.S. and foreign corporations and governments, inflation protected securities, convertible securities, pass-through securities, and mortgage dollar rolls, which are transactions in which the Series sells a mortgage-backed security and simultaneously contracts to purchase similar securities on a specified future date at a predetermined price. The corporate bonds may be issued by domestic corporations, foreign entities (e.g., yankee bonds), and/or supranational entities, such as the World Bank. Pass-through securities are generally issued by domestic entities (such as GNMA, FNMA, and FHLMC) and entitle the holders to a pro rata share of the cash flows generated by the instruments underlying the security (mortgages, credit card receivables, car loans, etc.). The Series may purchase shares of ETFs, including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series’ portfolio more efficiently than would otherwise be possible.

Bond Selection Process — When investing in corporate and pass-through securities, the Advisor attempts to identify sectors, as well as individual securities within those sectors, that offer yields and credit/prepayment spreads sufficient to compensate the Series for the risks specific to a given sector or security. Credit spreads are a measure of the difference between corporate bonds’ yields to maturity and those of U.S. Treasury securities with similar maturities; this difference compensates investors for the credit risk inherent in corporate bonds. Prepayment spreads quantify the additional yield paid by mortgage-backed bonds relative to U.S. Treasury securities to compensate investors for the risk that mortgage-backed securities’ prepayments will vary over time.

In analyzing the relative attractiveness of sectors and/or individual securities, the Advisor considers:
  • The relevant economic conditions and sector trends.
  • The interest rate sensitivities of the particular sectors and securities.
  • The yield differentials across sectors, credit qualities, pass-through security types, and maturities.
  • “Bottom-up” factors such as issuer-specific credit metrics for corporate bonds and coupon, prepayment, and convexity components (which reflect changing interest rate sensitivities) of pass-through securities.
Maturity and Portfolio Duration — The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

Credit Quality — The Series will typically invest in investment grade securities, those securities rated BBB- or above by S&P or Baa3 or above by Moody’s (or determined to be of equivalent quality by the Advisor).

The Series may buy and sell portfolio securities actively. If it does, its portfolio turnover rate and transaction costs will rise, which may lower fund performance and may increase the likelihood of capital gain distributions.

Securities issued by governments and supranational entities may be sold to adjust the Series' duration and/or yield curve positioning.

Other securities may be sold for one or more of the following reasons:
  • they no longer meet the selection criteria under which they were purchased;
  • their relative value has declined (the spread has tightened such that they are no longer considered attractively priced);
  • a more attractive investment opportunity is identified.
There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Series
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates, credit spreads, and prepayment spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign bond markets decline.
  • The issuer of a corporate bond owned by the Series defaults on its obligation to pay principal and/or interest or has its credit rating downgraded; this risk is greater for lower quality bonds.
  • Interest rates rise, credit spreads widen, and/or prepayment spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series’ portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.
  • Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series’ liquidity or force the Series to sell securities into a declining or illiquid market.

Risk of mortgage dollar rolls — The Series’ mortgage dollar rolls could lose money if the price of the mortgage-backed securities sold falls below the agreed upon repurchase price, or if the counterparty is unable to honor the agreement.

Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States.

Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Inflation protected security risk — The value of inflation protected fixed income securities, including Treasury Inflation Protected Securities (TIPS), generally will fluctuate in response to changes in “real” interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

Convertible securities risk — The Series’ investments in convertible securities are subject to interest rate risk and credit risk, similar to fixed income securities. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.

Mortgage- and asset-backed securities risks — The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:
  • Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.
  • Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.
Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Series.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Summary of Past Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index. The Series’ Class I shares commenced operations on August 3, 2015, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series’ Class S shares. Because the Class I shares of the Series invest in the same portfolio of securities, returns for the Class I shares will be substantially similar to those of the Class S shares. Performance will be different only to the extent that the Class I shares have lower expenses. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.manning-napier.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Years Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Quarterly Returns
Highest (quarter ended 09/30/09): 6.81%
Lowest (quarter ended 09/30/08): (3.80)%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown The after-tax figures are shown for one share class only, and would be different for the other share class.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Core Bond Series | CLASS I  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.40%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets none
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.12%
Other Expenses rr_OtherExpensesOverAssets 0.12%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.52% [1]
Less Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.07%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.45% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 46
AFTER 3 YEARS rr_ExpenseExampleYear03 160
AFTER 5 YEARS rr_ExpenseExampleYear05 284
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 646
1 Year rr_AverageAnnualReturnYear01 3.10%
5 Years rr_AverageAnnualReturnYear05 1.86%
10 Years rr_AverageAnnualReturnYear10 4.61%
Since Inception rr_AverageAnnualReturnSinceInception 4.50%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2005
Core Bond Series | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.40%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets 0.25%
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.12%
Other Expenses rr_OtherExpensesOverAssets 0.37%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.77% [1]
Less Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.07%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.70% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 72
AFTER 3 YEARS rr_ExpenseExampleYear03 239
AFTER 5 YEARS rr_ExpenseExampleYear05 421
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 948
2008 rr_AnnualReturn2008 1.66%
2009 rr_AnnualReturn2009 11.46%
2010 rr_AnnualReturn2010 8.97%
2011 rr_AnnualReturn2011 5.68%
2012 rr_AnnualReturn2012 9.74%
2013 rr_AnnualReturn2013 (0.79%)
2014 rr_AnnualReturn2014 3.62%
2015 rr_AnnualReturn2015 0.44%
2016 rr_AnnualReturn2016 2.53%
2017 rr_AnnualReturn2017 2.91%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.81%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.80%)
1 Year rr_AverageAnnualReturnYear01 2.91%
5 Years rr_AverageAnnualReturnYear05 1.73%
10 Years rr_AverageAnnualReturnYear10 4.55%
Since Inception rr_AverageAnnualReturnSinceInception 4.45%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2005
Core Bond Series | Return After Taxes on Distributions | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.08%
5 Years rr_AverageAnnualReturnYear05 0.45%
10 Years rr_AverageAnnualReturnYear10 3.15%
Since Inception rr_AverageAnnualReturnSinceInception 3.07%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2005
Core Bond Series | Return After Taxes on Distributions and Sale of Series Shares | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.67%
5 Years rr_AverageAnnualReturnYear05 0.83%
10 Years rr_AverageAnnualReturnYear10 3.06%
Since Inception rr_AverageAnnualReturnSinceInception 2.98%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2005
Core Bond Series | Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.54%
5 Years rr_AverageAnnualReturnYear05 2.10%
10 Years rr_AverageAnnualReturnYear10 4.01%
Since Inception rr_AverageAnnualReturnSinceInception 4.20%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2005
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
[2] Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of a Class’s Shareholder Services Fee, do not exceed 0.45% of each Class’s average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses, and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by the Series through its investments in other investment companies.
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Diversified Tax Exempt Series
Diversified Tax Exempt Series

Summary Section
Investment Goal
The Series’ investment objective is to provide as high a level of current income exempt from federal income tax as the Advisor believes is consistent with the preservation of capital.
Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
DIVERSIFIED TAX EXEMPT SERIES

Shareholder Fees
(paid directly from your investment)
Shareholder Fees
Diversified Tax Exempt Series
Diversified Tax Exempt Series
USD ($)
Shareholder Fees (paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Diversified Tax Exempt Series
Diversified Tax Exempt Series
Management Fees 0.50%
Distribution and Service (12b-1) Fees none
Other Expenses 0.08%
Total Annual Fund Operating Expenses 0.58% [1]
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratio in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Example
The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
AFTER 1 YEAR
AFTER 3 YEARS
AFTER 5 YEARS
AFTER 10 YEARS
Diversified Tax Exempt Series | Diversified Tax Exempt Series | USD ($) 59 186 324 726
Portfolio Turnover
The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 4% of the average value of its portfolio.
Principal Investment Strategies
The Series invests primarily in municipal bonds and other securities the income from which is exempt from federal income tax. The Series will, under normal circumstances, invest at least 80% of its net assets in securities the income from which is exempt from federal income tax, including the Alternative Minimum Tax (AMT). The main issuers of these securities are state and local agencies. In selecting investments for the Series, the Advisor attempts to balance the Series' goals of high income and capital preservation. With this approach, the Advisor attempts to build a portfolio that it believes provides the opportunity to earn current income; however, the Advisor will only purchase investment grade securities, or those securities determined by the Advisor to be of equivalent quality, and will maintain other selection criteria in an attempt to avoid permanent capital loss.

Bond Selection Process — The Advisor emphasizes those bond market sectors and selects for the Series those securities that it believes offer yields sufficient to compensate the investor for the risks specific to the security or sector. In analyzing the relative attractiveness of sectors and individual securities, the Advisor considers:
  • The interest rate sensitivity of each security.
  • The narrowing or widening of interest rate spreads between sectors, securities of different credit quality or securities of different maturities.
Maturity and Portfolio Duration — The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

Credit Quality — The Series’ investments will be limited to investment grade securities, those rated BBB- or above by S&P or Baa3 or above by Moody’s or determined by the Advisor to be of equivalent quality.

The Series may invest in taxable investments, including obligations of the U.S. Government, its agencies or instrumentalities. The Series may also invest in money market instruments or hold its assets in cash. These investments may cause the Series to make a taxable distribution to shareholders.

The Advisor will consider selling a security for one or more of the following reasons:
  • to adjust the Series' duration and/or yield curve positioning;
  • there is a deterioration in the credit quality of the issuer;
  • the security's relative value has declined (the spread has tightened such that the security is no longer considered attractively priced); or
  • a more attractive investment opportunity is identified.
Principal Risks of Investing in the Series
As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates and/or credit spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign bond markets decline.
  • The issuer of a bond owned by the Series defaults on its obligation to pay principal or interest or has its credit rating downgraded.
  • Interest rates rise and/or credit spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series’ portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.
  • Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series' liquidity or force the Series to sell securities into a declining or illiquid market.

Municipal bond risk — In addition to the general risks of bond funds, the Series is subject to the following additional risks due to its focus on municipal bonds:
  • Changes in the financial condition of municipal issuers may adversely affect the value of the Series’ securities.
  • Economic or political changes may affect the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Series.
  • Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations.
Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Summary of Past Performance
The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Calendar Years Ended December 31
Bar Chart
Quarterly Returns
Highest (quarter ended 09/30/09): 7.31%
Lowest (quarter ended 12/31/10): (5.52)%
AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Average Annual Total Returns - Diversified Tax Exempt Series
1 Year
5 Years
10 Years
Since Inception
Inception Date
Diversified Tax Exempt Series 2.37% 0.65% 2.50% 3.76% Feb. 14, 1994
Diversified Tax Exempt Series | Return After Taxes on Distributions 2.37% 0.56% 2.43% 3.71% Feb. 14, 1994
Diversified Tax Exempt Series | Return After Taxes on Distributions and Sale of Series Shares 1.89% 0.72% 2.42% 3.66% Feb. 14, 1994
ICE BofA Merrill Lynch 1-12 Year Municipal Bond Index (reflects no deduction for fees, expenses, or taxes) 3.20% 1.93% 3.52% 4.49% Feb. 14, 1994
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
XML 15 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANNING & NAPIER FUND, INC.
Prospectus Date rr_ProspectusDate May 01, 2018
Diversified Tax Exempt Series  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Diversified Tax Exempt Series

Summary Section
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Series’ investment objective is to provide as high a level of current income exempt from federal income tax as the Advisor believes is consistent with the preservation of capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption DIVERSIFIED TAX EXEMPT SERIES

Shareholder Fees
(paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 4% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 4.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The total annual fund operating expenses in this fee table may not correlate to the expense ratio in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Series invests primarily in municipal bonds and other securities the income from which is exempt from federal income tax. The Series will, under normal circumstances, invest at least 80% of its net assets in securities the income from which is exempt from federal income tax, including the Alternative Minimum Tax (AMT). The main issuers of these securities are state and local agencies. In selecting investments for the Series, the Advisor attempts to balance the Series' goals of high income and capital preservation. With this approach, the Advisor attempts to build a portfolio that it believes provides the opportunity to earn current income; however, the Advisor will only purchase investment grade securities, or those securities determined by the Advisor to be of equivalent quality, and will maintain other selection criteria in an attempt to avoid permanent capital loss.

Bond Selection Process — The Advisor emphasizes those bond market sectors and selects for the Series those securities that it believes offer yields sufficient to compensate the investor for the risks specific to the security or sector. In analyzing the relative attractiveness of sectors and individual securities, the Advisor considers:
  • The interest rate sensitivity of each security.
  • The narrowing or widening of interest rate spreads between sectors, securities of different credit quality or securities of different maturities.
Maturity and Portfolio Duration — The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

Credit Quality — The Series’ investments will be limited to investment grade securities, those rated BBB- or above by S&P or Baa3 or above by Moody’s or determined by the Advisor to be of equivalent quality.

The Series may invest in taxable investments, including obligations of the U.S. Government, its agencies or instrumentalities. The Series may also invest in money market instruments or hold its assets in cash. These investments may cause the Series to make a taxable distribution to shareholders.

The Advisor will consider selling a security for one or more of the following reasons:
  • to adjust the Series' duration and/or yield curve positioning;
  • there is a deterioration in the credit quality of the issuer;
  • the security's relative value has declined (the spread has tightened such that the security is no longer considered attractively priced); or
  • a more attractive investment opportunity is identified.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Series
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates and/or credit spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign bond markets decline.
  • The issuer of a bond owned by the Series defaults on its obligation to pay principal or interest or has its credit rating downgraded.
  • Interest rates rise and/or credit spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series’ portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.
  • Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series' liquidity or force the Series to sell securities into a declining or illiquid market.

Municipal bond risk — In addition to the general risks of bond funds, the Series is subject to the following additional risks due to its focus on municipal bonds:
  • Changes in the financial condition of municipal issuers may adversely affect the value of the Series’ securities.
  • Economic or political changes may affect the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Series.
  • Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations.
Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Series.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Summary of Past Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.manning-napier.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Years Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Quarterly Returns
Highest (quarter ended 09/30/09): 7.31%
Lowest (quarter ended 12/31/10): (5.52)%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Diversified Tax Exempt Series | Diversified Tax Exempt Series  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.50%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.08%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.58% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 59
AFTER 3 YEARS rr_ExpenseExampleYear03 186
AFTER 5 YEARS rr_ExpenseExampleYear05 324
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 726
2008 rr_AnnualReturn2008 (1.79%)
2009 rr_AnnualReturn2009 12.75%
2010 rr_AnnualReturn2010 0.41%
2011 rr_AnnualReturn2011 8.24%
2012 rr_AnnualReturn2012 3.01%
2013 rr_AnnualReturn2013 (1.28%)
2014 rr_AnnualReturn2014 1.51%
2015 rr_AnnualReturn2015 1.51%
2016 rr_AnnualReturn2016 (0.83%)
2017 rr_AnnualReturn2017 2.37%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.31%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (5.52%)
1 Year rr_AverageAnnualReturnYear01 2.37%
5 Years rr_AverageAnnualReturnYear05 0.65%
10 Years rr_AverageAnnualReturnYear10 2.50%
Since Inception rr_AverageAnnualReturnSinceInception 3.76%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 14, 1994
Diversified Tax Exempt Series | Return After Taxes on Distributions | Diversified Tax Exempt Series  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.37%
5 Years rr_AverageAnnualReturnYear05 0.56%
10 Years rr_AverageAnnualReturnYear10 2.43%
Since Inception rr_AverageAnnualReturnSinceInception 3.71%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 14, 1994
Diversified Tax Exempt Series | Return After Taxes on Distributions and Sale of Series Shares | Diversified Tax Exempt Series  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.89%
5 Years rr_AverageAnnualReturnYear05 0.72%
10 Years rr_AverageAnnualReturnYear10 2.42%
Since Inception rr_AverageAnnualReturnSinceInception 3.66%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 14, 1994
Diversified Tax Exempt Series | ICE BofA Merrill Lynch 1-12 Year Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.20%
5 Years rr_AverageAnnualReturnYear05 1.93%
10 Years rr_AverageAnnualReturnYear10 3.52%
Since Inception rr_AverageAnnualReturnSinceInception 4.49%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 14, 1994
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratio in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
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Equity Income Series
Equity Income Series

Summary Section
Investment Goal
The Series’ primary investment objectives are to provide current income and income growth,
and it has a secondary goal of providing long-term capital appreciation.
Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
EQUITY INCOME SERIES

Shareholder Fees (paid
directly from your investment)
Shareholder Fees - Equity Income Series - USD ($)
CLASS I
CLASS S
Shareholder Fees (paid directly from your investment) none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Equity Income Series
CLASS I
CLASS S
Management Fees 0.65% 0.65%
Distribution (12b-1) Fees none none
Other Expenses 0.19% 0.39%
Shareholder Services Fee none 0.20%
Remainder of Other Expenses 0.19% 0.19%
Acquired Fund Fees and Expenses (AFFE) 0.14% 0.14%
Total Annual Fund Operating Expenses [1] 0.98% 1.18%
Less Fee Waivers and Expense Reimbursements [2] (0.09%) (0.09%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [1] 0.89% 1.09%
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
[2] Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of a Class’s Shareholder Services Fee, do not exceed 0.75% of each Class's average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class's operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in other investment companies.
Example
The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same (taking into account the Advisor's contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Equity Income Series - USD ($)
AFTER 1 YEAR
AFTER 3 YEARS
AFTER 5 YEARS
AFTER 10 YEARS
CLASS I 91 303 533 1,193
CLASS S 111 366 640 1,424
Portfolio Turnover
The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 52% of the average value of its portfolio.
Principal Investment Strategies
The Series seeks to provide current income and income growth, as well as long-term capital appreciation. The Series will invest, under normal circumstances, at least 80% of its net assets in equity securities. It invests primarily in income-producing equity securities. The Advisor uses a “bottom-up” strategy, focusing on individual security selection to identify companies that it believes will make attractive long-term investments and produce income. The Series may focus its investments in a small number of companies.

The Series may invest in common stocks and other equity securities, such as preferred stocks, convertible securities, interests in real estate investment trusts (REITs), interests in business development companies (BDCs), limited partner interests in master limited partnerships (MLPs), and ETFs (defined below), as well as derivative instruments, principally options (as described below). The Series may invest in U.S. and foreign stocks, including those in emerging markets, and American Depository Receipts (ADRs). The Series may invest in securities of small-, large-, or mid-size companies.

The Advisor uses a “bottom-up” strategy, focusing on individual security selection to identify companies that meet its investment criteria. In selecting securities for the Series, the Advisor seeks to identify stocks of companies that meet the following criteria:
  • Companies that have the potential to provide a growing level of dividend income going forward.
  • Companies trading at a meaningful discount from their intrinsic value, where that value is a reflection of their current cash-generating ability rather than relying meaningfully on growth.
  • Companies that the Advisor expects to be beneficiaries of special situations, including those driven by cycles in the economy or in the capital markets.
When the Advisor wishes to sell a security at a specified price, it may seek to generate additional gains for the Series by writing (selling) options on the underlying security.

The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series’ portfolio more efficiently than would otherwise be possible.

The Advisor will consider selling a security if:
  • it no longer fits the Series' investment strategies or valuation discipline;
  • it has reached the Advisor's target sell price; or
  • a more attractive investment opportunity is identified.
There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.
Principal Risks of Investing in the Series
As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in stocks, the value of your investment will fluctuate in response to stock market movements. This means that you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign stock markets decline.
  • An adverse event, such as an unfavorable earnings report, depresses the value of one or more of the Series’ portfolio holdings.
Large-cap risk — Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments — small-cap stocks, for instance — the Series' performance could be reduced to the extent its portfolio is holding large-cap stocks.

Small- and mid-cap risk — The Series may also have special risks due to its investments in stocks of small- and mid-size companies. These risks include the following:
  • The stocks of small- and mid-size companies may be subject to more abrupt or erratic market movements than the stocks of larger companies.
  • The stocks of small- and mid-size companies may be subject to liquidity risk because such stocks may have lower trading volume and be less marketable than the stocks of larger companies. Liquidity risk is further described below.
  • Small- and mid-size companies may have limited product lines, markets, or financial resources, and they may depend on a small management group. As a result, they fail more often than larger companies.
Risks of dividend-paying common stocks — Dividend-paying common stocks may be subject to additional risk that may cause them to underperform other types of stocks. In addition, if stocks held by the Series reduce or stop paying dividends, the Series’ ability to generate income may be affected.

Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign common stocks may, at times, move in a different direction than the prices of U.S. stocks. The Series’ investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar.

Emerging markets risk — The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series’ investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
Options risk – Options, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of an option contract may not correlate perfectly with the underlying investment. Investments in options are also subject to liquidity risk, which is described below.

Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Preferred stock risk — Preferred stocks are sensitive to interest rate changes, and are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of a Series’ investment. The rights of preferred stocks on the distribution of a corporation’s assets in the event of a liquidation are generally subordinate to the rights associated with a corporation’s debt securities. Preferred stock may also be subject to prepayment risk similar to fixed income securities.

Convertible securities risk — The Series’ investments in convertible securities are subject to interest rate risk and credit risk, similar to fixed income securities. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.

Risks of investing in BDCs — The Series' investments in BDCs are subject to additional risks. BDCs generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. Generally, little public information exists for the companies in which a BDC may invest and there is a risk that investors in the BDC may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. The Series will indirectly bear its proportionate share of any management and other operating expenses and of any performance based or incentive fees charged by the BDCs in which it invests, in addition to the expenses paid by the Series.

Risks of investing in REITs — The Series’ investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

Risks of investing in MLPs — The Series' investments in MLPs are subject to additional risks. MLPs often own several properties or businesses (or other interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. There may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. Additional risks involved with investing in a MLP are risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries.

Risks of investing in a small number of companies — The Series may focus its investments in a small number of companies. If it does, changes in the market value of a single investment could cause greater fluctuations in the Series’ share price than would occur in a fund with a broader range of holdings.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Summary of Past Performance
The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the performance of the Class S shares of the Series for the full calendar year since its inception. The total return table shows how the average annual total returns for the Class S shares and Class I shares of the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Calendar Years Ended December 31
Bar Chart
Quarterly Returns
Highest (quarter ended 06/30/14): 7.47%
Lowest (quarter ended 09/30/15): (7.34)%
AVERAGE ANNUAL TOTAL RETURNS
FOR PERIOD ENDED DECEMBER 31, 2017
Average Annual Total Returns - Equity Income Series
1 Year
Since Inception
Inception Date
Class S Shares 15.19% 9.34% Dec. 31, 2013
Class S Shares | Return After Taxes on Distributions 14.05% 8.18% Dec. 31, 2013
Class S Shares | Return After Taxes on Distributions and Sale of Series Shares 9.42% 7.09% Dec. 31, 2013
Class I Shares 15.31% 9.53% Dec. 31, 2013
Russell 1000® Value Index (reflects no deduction for fees, expenses, or taxes) 13.66% 9.83% Dec. 31, 2013
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
XML 18 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANNING & NAPIER FUND, INC.
Prospectus Date rr_ProspectusDate May 01, 2018
Equity Income Series  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Equity Income Series

Summary Section
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Series’ primary investment objectives are to provide current income and income growth,
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock and it has a secondary goal of providing long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption EQUITY INCOME SERIES

Shareholder Fees (paid
directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 52% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 52.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same (taking into account the Advisor's contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Series seeks to provide current income and income growth, as well as long-term capital appreciation. The Series will invest, under normal circumstances, at least 80% of its net assets in equity securities. It invests primarily in income-producing equity securities. The Advisor uses a “bottom-up” strategy, focusing on individual security selection to identify companies that it believes will make attractive long-term investments and produce income. The Series may focus its investments in a small number of companies.

The Series may invest in common stocks and other equity securities, such as preferred stocks, convertible securities, interests in real estate investment trusts (REITs), interests in business development companies (BDCs), limited partner interests in master limited partnerships (MLPs), and ETFs (defined below), as well as derivative instruments, principally options (as described below). The Series may invest in U.S. and foreign stocks, including those in emerging markets, and American Depository Receipts (ADRs). The Series may invest in securities of small-, large-, or mid-size companies.

The Advisor uses a “bottom-up” strategy, focusing on individual security selection to identify companies that meet its investment criteria. In selecting securities for the Series, the Advisor seeks to identify stocks of companies that meet the following criteria:
  • Companies that have the potential to provide a growing level of dividend income going forward.
  • Companies trading at a meaningful discount from their intrinsic value, where that value is a reflection of their current cash-generating ability rather than relying meaningfully on growth.
  • Companies that the Advisor expects to be beneficiaries of special situations, including those driven by cycles in the economy or in the capital markets.
When the Advisor wishes to sell a security at a specified price, it may seek to generate additional gains for the Series by writing (selling) options on the underlying security.

The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series’ portfolio more efficiently than would otherwise be possible.

The Advisor will consider selling a security if:
  • it no longer fits the Series' investment strategies or valuation discipline;
  • it has reached the Advisor's target sell price; or
  • a more attractive investment opportunity is identified.
There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Series
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in stocks, the value of your investment will fluctuate in response to stock market movements. This means that you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign stock markets decline.
  • An adverse event, such as an unfavorable earnings report, depresses the value of one or more of the Series’ portfolio holdings.
Large-cap risk — Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments — small-cap stocks, for instance — the Series' performance could be reduced to the extent its portfolio is holding large-cap stocks.

Small- and mid-cap risk — The Series may also have special risks due to its investments in stocks of small- and mid-size companies. These risks include the following:
  • The stocks of small- and mid-size companies may be subject to more abrupt or erratic market movements than the stocks of larger companies.
  • The stocks of small- and mid-size companies may be subject to liquidity risk because such stocks may have lower trading volume and be less marketable than the stocks of larger companies. Liquidity risk is further described below.
  • Small- and mid-size companies may have limited product lines, markets, or financial resources, and they may depend on a small management group. As a result, they fail more often than larger companies.
Risks of dividend-paying common stocks — Dividend-paying common stocks may be subject to additional risk that may cause them to underperform other types of stocks. In addition, if stocks held by the Series reduce or stop paying dividends, the Series’ ability to generate income may be affected.

Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign common stocks may, at times, move in a different direction than the prices of U.S. stocks. The Series’ investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar.

Emerging markets risk — The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series’ investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
Options risk – Options, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of an option contract may not correlate perfectly with the underlying investment. Investments in options are also subject to liquidity risk, which is described below.

Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Preferred stock risk — Preferred stocks are sensitive to interest rate changes, and are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of a Series’ investment. The rights of preferred stocks on the distribution of a corporation’s assets in the event of a liquidation are generally subordinate to the rights associated with a corporation’s debt securities. Preferred stock may also be subject to prepayment risk similar to fixed income securities.

Convertible securities risk — The Series’ investments in convertible securities are subject to interest rate risk and credit risk, similar to fixed income securities. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.

Risks of investing in BDCs — The Series' investments in BDCs are subject to additional risks. BDCs generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. Generally, little public information exists for the companies in which a BDC may invest and there is a risk that investors in the BDC may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. The Series will indirectly bear its proportionate share of any management and other operating expenses and of any performance based or incentive fees charged by the BDCs in which it invests, in addition to the expenses paid by the Series.

Risks of investing in REITs — The Series’ investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

Risks of investing in MLPs — The Series' investments in MLPs are subject to additional risks. MLPs often own several properties or businesses (or other interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. There may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. Additional risks involved with investing in a MLP are risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries.

Risks of investing in a small number of companies — The Series may focus its investments in a small number of companies. If it does, changes in the market value of a single investment could cause greater fluctuations in the Series’ share price than would occur in a fund with a broader range of holdings.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Series.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Summary of Past Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the performance of the Class S shares of the Series for the full calendar year since its inception. The total return table shows how the average annual total returns for the Class S shares and Class I shares of the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the performance of the Class S shares of the Series for the full calendar year since its inception. The total return table shows how the average annual total returns for the Class S shares and Class I shares of the Series for different periods compare to those of a broad-based securities index.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.manning-napier.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Years Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Quarterly Returns
Highest (quarter ended 06/30/14): 7.47%
Lowest (quarter ended 09/30/15): (7.34)%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS
FOR PERIOD ENDED DECEMBER 31, 2017
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown The after-tax figures are shown for one share class only, and would be different for the other share class.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Equity Income Series | CLASS I  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets none
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.19%
Other Expenses rr_OtherExpensesOverAssets 0.19%
Acquired Fund Fees and Expenses (AFFE) rr_AcquiredFundFeesAndExpensesOverAssets 0.14%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.98% [1]
Less Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.09%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.89% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 91
AFTER 3 YEARS rr_ExpenseExampleYear03 303
AFTER 5 YEARS rr_ExpenseExampleYear05 533
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 1,193
1 Year rr_AverageAnnualReturnYear01 15.31%
Since Inception rr_AverageAnnualReturnSinceInception 9.53%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2013
Equity Income Series | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets 0.20%
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.19%
Other Expenses rr_OtherExpensesOverAssets 0.39%
Acquired Fund Fees and Expenses (AFFE) rr_AcquiredFundFeesAndExpensesOverAssets 0.14%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.18% [1]
Less Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.09%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.09% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 111
AFTER 3 YEARS rr_ExpenseExampleYear03 366
AFTER 5 YEARS rr_ExpenseExampleYear05 640
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 1,424
2014 rr_AnnualReturn2014 11.63%
2015 rr_AnnualReturn2015 (3.20%)
2016 rr_AnnualReturn2016 14.82%
2017 rr_AnnualReturn2017 15.19%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2014
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.47%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (7.34%)
1 Year rr_AverageAnnualReturnYear01 15.19%
Since Inception rr_AverageAnnualReturnSinceInception 9.34%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2013
Equity Income Series | Return After Taxes on Distributions | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 14.05%
Since Inception rr_AverageAnnualReturnSinceInception 8.18%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2013
Equity Income Series | Return After Taxes on Distributions and Sale of Series Shares | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 9.42%
Since Inception rr_AverageAnnualReturnSinceInception 7.09%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2013
Equity Income Series | Russell 1000® Value Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.66%
Since Inception rr_AverageAnnualReturnSinceInception 9.83%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2013
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
[2] Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of a Class’s Shareholder Services Fee, do not exceed 0.75% of each Class's average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class's operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in other investment companies.
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Global Fixed Income Series
Global Fixed Income Series

Summary Section
Investment Goal
The Series’ investment objective is to provide long-term total return by investing principally in fixed income securities of issuers located anywhere in the world.
Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
GLOBAL FIXED INCOME SERIES

Shareholder Fees (paid
directly from your investment)
Shareholder Fees - Global Fixed Income Series - USD ($)
CLASS I
CLASS S
Shareholder Fees (paid directly from your investment) none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Global Fixed Income Series
CLASS I
CLASS S
Management Fees 0.60% 0.60%
Distribution (12b-1) Fees none none
Other Expenses 0.14% 0.29%
Shareholder Services Fee none 0.15%
Remainder of Other Expenses 0.14% 0.14%
Total Annual Fund Operating Expenses [1] 0.74% 0.89%
Less Fee Waiver and/or Expense Reimbursement [2] (0.04%) (0.04%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [1] 0.70% 0.85%
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
[2] Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of a Class’s Shareholder Services Fee, do not exceed 0.70% of each Class’s average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses and, therefore, does not apply to acquired funds fees and expenses, which are indirect expenses incurred by the Series through its investments in other investment companies.
Example
The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same (taking into account the Advisor's contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Global Fixed Income Series - USD ($)
AFTER 1 YEAR
AFTER 3 YEARS
AFTER 5 YEARS
AFTER 10 YEARS
CLASS I 72 233 408 915
CLASS S 87 280 489 1,092
Portfolio Turnover
The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, will affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 34% of the average value of its portfolio.
Principal Investment Strategies
The Series seeks to provide a high level of long-term total return, which is a combination of income and capital appreciation. The Series will invest, under normal circumstances, at least 80% of its assets in fixed income securities. These securities may be issued by issuers located anywhere in the world, including emerging markets. Under normal circumstances, the Series will invest at least 40% of its net assets in securities issued by non-U.S. companies or non-U.S. governments, their agencies, or instrumentalities. The Series’ portfolio will consist primarily of government debt securities and of investment grade corporate debt securities, bank debt, securitized/collateralized instruments, and money market securities. The Series may also invest a substantial portion of its assets in high-yield, high-risk bonds, commonly called junk bonds.

The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series’ portfolio more efficiently than would otherwise be possible.

The Series may, but is not required to, undertake hedging activities and may invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.

Bond Selection Process — The Advisor attempts to identify bond market sectors and individual securities that offer yields sufficient for the risks specific to the sector or security. In analyzing the relative attractiveness of countries, sectors, and individual securities, the Advisor considers:
  • Relative economic conditions of each country.
  • Interest rate sensitivity of particular countries, sectors, and securities.
  • Differences in yields offered by bonds of different sectors, credit quality, or maturities.
  • The impact of currency changes on the sectors.
Maturity and Portfolio Duration — The Series is not subject to any maturity or duration restrictions but will vary its average dollar-weighted portfolio maturity and duration depending on the Advisor’s outlook for yields and currency fluctuations. For example, the Advisor may invest in longer-term fixed income securities when it expects yields to fall in a given country in an attempt to realize gains for the Series. Likewise, the Advisor may invest in shorter-term fixed income securities when it expects yields to rise or the currency to appreciate in a given country. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

Credit Quality — The Series invests primarily in investment grade securities but may invest up to 20% of its assets in lower quality bonds, commonly known as “junk bonds,” those rated below BBB- by S&P or Baa3 by Moody’s, or determined to be of equivalent quality by the Advisor.

Securities issued by governments and supranational entities may be sold to adjust the Series' duration and/or yield curve positioning.

Other securities may be sold for one or more of the following reasons:
  • they no longer meet the selection criteria under which they were purchased;
  • their relative value has declined (the spread has tightened such that they are no longer considered attractively priced);
  • a more attractive investment opportunity is identified.
Securities may also be sold based on the Advisor's macroeconomic assessment of countries and currencies.

There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.
Principal Risks of Investing in the Series
As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates, credit spreads, and prepayment spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign bond markets decline.
  • The issuer of a fixed income security owned by the Series defaults on its obligation to pay principal and/or interest or has its credit rating downgraded; this risk is greater for junk bonds and other lower quality bonds.
  • Interest rates rise, credit spreads widen, and/or prepayment spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series’ portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.
  • Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series' liquidity or force the Series to sell securities into a declining or illiquid market.

Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States. The Series’ investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar. The Advisor’s attempt to manage the currency risk described above may not accurately predict movements in currency exchange rates, which could cause the Series to sustain losses.

Emerging markets risk — The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series’ investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
High-yield securities risk — The Series is subject to additional risk due to its ability to invest in high-yield securities (junk bonds):
  • High-yield securities may underperform other sectors of the bond market, or the market as a whole.
  • The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market.
  • Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities.
  • The Series’ investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.
Forward contracts risk — The Series is subject to the following risks due to its ability to invest in forward contracts:
  • Forwards, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a forward contract may not correlate perfectly with the underlying investment.
  • The Series may not be able to receive amounts payable to it under its forward contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series’ investments in such contracts may not be as liquid as the Series’ other investments.
  • The Series’ use of forwards is also subject to the risk that the counterparty to the forward contract will default or otherwise become unable to honor its obligation to the Series.
Mortgage- and asset-backed securities risks — The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:
  • Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.
  • Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.
Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

Non-diversification risk — The Series is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Series may be susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, and may experience increased volatility due to its investments in those securities.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Summary of Past Performance
The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class I shares of the Series for each calendar year since its reactivation. The Series was previously active from October 31, 1997 to February 28, 2003. The Series was redeemed in full on February 28, 2003, and was not active between that date and its reactivation on October 1, 2012. During its previous activation, the Series offered only one class. Effective October 1, 2012, the Series was reactivated and the Series’ shares were redesignated as Class I shares. For years in which the Series was inactive or was not active for a full calendar year, no performance information is shown in the bar chart. Because the Global Fixed Income Series has had several periods of activation and deactivation, its performance is not comparable to the performance of other mutual funds. The total return table shows how the average annual total returns for the Class I shares and the Class S shares for different periods compare to those of a broad-based securities index. The Series’ Class S shares commenced operations on April 1, 2013, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series’ Class I shares, adjusted to reflect the higher expenses of the Class S shares. Because the Class S shares of the Series invest in the same portfolio of securities, returns for the Class S shares will be substantially similar to those of the Class I shares. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Calendar Year Ended December 31
Bar Chart
Quarterly Returns
Highest (quarter ended 3/31/16): 3.83%
Lowest (quarter ended 12/31/16): (4.49)%
AVERAGE ANNUAL TOTAL RETURNS
FOR PERIOD ENDED DECEMBER 31, 2017
Average Annual Total Returns - Global Fixed Income Series
1 Year
5 Years
Since Current Activation
Inception Date
Class I Shares 6.34% 0.20% 0.37% Oct. 01, 2012
Class I Shares | Return After Taxes on Distributions 6.34% (0.14%) 0.04% Oct. 01, 2012
Class I Shares | Return After Taxes on Distributions and Sale of Series Shares 3.59% 0.02% 0.15% Oct. 01, 2012
Class S Shares 6.26% 0.06% 0.23% Oct. 01, 2012
ICE BofA Merrill Lynch Global Broad Market Index (reflects no deduction for fees, expenses, or taxes) 6.95% 0.94% 0.83% Oct. 01, 2012
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
XML 21 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANNING & NAPIER FUND, INC.
Prospectus Date rr_ProspectusDate May 01, 2018
Global Fixed Income Series  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Global Fixed Income Series

Summary Section
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Series’ investment objective is to provide long-term total return by investing principally in fixed income securities of issuers located anywhere in the world.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption GLOBAL FIXED INCOME SERIES

Shareholder Fees (paid
directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, will affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 34% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 34.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same (taking into account the Advisor's contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Series seeks to provide a high level of long-term total return, which is a combination of income and capital appreciation. The Series will invest, under normal circumstances, at least 80% of its assets in fixed income securities. These securities may be issued by issuers located anywhere in the world, including emerging markets. Under normal circumstances, the Series will invest at least 40% of its net assets in securities issued by non-U.S. companies or non-U.S. governments, their agencies, or instrumentalities. The Series’ portfolio will consist primarily of government debt securities and of investment grade corporate debt securities, bank debt, securitized/collateralized instruments, and money market securities. The Series may also invest a substantial portion of its assets in high-yield, high-risk bonds, commonly called junk bonds.

The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series’ portfolio more efficiently than would otherwise be possible.

The Series may, but is not required to, undertake hedging activities and may invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.

Bond Selection Process — The Advisor attempts to identify bond market sectors and individual securities that offer yields sufficient for the risks specific to the sector or security. In analyzing the relative attractiveness of countries, sectors, and individual securities, the Advisor considers:
  • Relative economic conditions of each country.
  • Interest rate sensitivity of particular countries, sectors, and securities.
  • Differences in yields offered by bonds of different sectors, credit quality, or maturities.
  • The impact of currency changes on the sectors.
Maturity and Portfolio Duration — The Series is not subject to any maturity or duration restrictions but will vary its average dollar-weighted portfolio maturity and duration depending on the Advisor’s outlook for yields and currency fluctuations. For example, the Advisor may invest in longer-term fixed income securities when it expects yields to fall in a given country in an attempt to realize gains for the Series. Likewise, the Advisor may invest in shorter-term fixed income securities when it expects yields to rise or the currency to appreciate in a given country. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

Credit Quality — The Series invests primarily in investment grade securities but may invest up to 20% of its assets in lower quality bonds, commonly known as “junk bonds,” those rated below BBB- by S&P or Baa3 by Moody’s, or determined to be of equivalent quality by the Advisor.

Securities issued by governments and supranational entities may be sold to adjust the Series' duration and/or yield curve positioning.

Other securities may be sold for one or more of the following reasons:
  • they no longer meet the selection criteria under which they were purchased;
  • their relative value has declined (the spread has tightened such that they are no longer considered attractively priced);
  • a more attractive investment opportunity is identified.
Securities may also be sold based on the Advisor's macroeconomic assessment of countries and currencies.

There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Series
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates, credit spreads, and prepayment spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign bond markets decline.
  • The issuer of a fixed income security owned by the Series defaults on its obligation to pay principal and/or interest or has its credit rating downgraded; this risk is greater for junk bonds and other lower quality bonds.
  • Interest rates rise, credit spreads widen, and/or prepayment spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series’ portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.
  • Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series' liquidity or force the Series to sell securities into a declining or illiquid market.

Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States. The Series’ investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar. The Advisor’s attempt to manage the currency risk described above may not accurately predict movements in currency exchange rates, which could cause the Series to sustain losses.

Emerging markets risk — The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series’ investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
High-yield securities risk — The Series is subject to additional risk due to its ability to invest in high-yield securities (junk bonds):
  • High-yield securities may underperform other sectors of the bond market, or the market as a whole.
  • The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market.
  • Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities.
  • The Series’ investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.
Forward contracts risk — The Series is subject to the following risks due to its ability to invest in forward contracts:
  • Forwards, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a forward contract may not correlate perfectly with the underlying investment.
  • The Series may not be able to receive amounts payable to it under its forward contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series’ investments in such contracts may not be as liquid as the Series’ other investments.
  • The Series’ use of forwards is also subject to the risk that the counterparty to the forward contract will default or otherwise become unable to honor its obligation to the Series.
Mortgage- and asset-backed securities risks — The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:
  • Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.
  • Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.
Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

Non-diversification risk — The Series is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Series may be susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, and may experience increased volatility due to its investments in those securities.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Series.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus Non-diversification risk — The Series is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Series may be susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, and may experience increased volatility due to its investments in those securities.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Summary of Past Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class I shares of the Series for each calendar year since its reactivation. The Series was previously active from October 31, 1997 to February 28, 2003. The Series was redeemed in full on February 28, 2003, and was not active between that date and its reactivation on October 1, 2012. During its previous activation, the Series offered only one class. Effective October 1, 2012, the Series was reactivated and the Series’ shares were redesignated as Class I shares. For years in which the Series was inactive or was not active for a full calendar year, no performance information is shown in the bar chart. Because the Global Fixed Income Series has had several periods of activation and deactivation, its performance is not comparable to the performance of other mutual funds. The total return table shows how the average annual total returns for the Class I shares and the Class S shares for different periods compare to those of a broad-based securities index. The Series’ Class S shares commenced operations on April 1, 2013, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series’ Class I shares, adjusted to reflect the higher expenses of the Class S shares. Because the Class S shares of the Series invest in the same portfolio of securities, returns for the Class S shares will be substantially similar to those of the Class I shares. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class I shares of the Series for each calendar year since its reactivation. The Series was previously active from October 31, 1997 to February 28, 2003. The Series was redeemed in full on February 28, 2003, and was not active between that date and its reactivation on October 1, 2012. During its previous activation, the Series offered only one class. Effective October 1, 2012, the Series was reactivated and the Series’ shares were redesignated as Class I shares. For years in which the Series was inactive or was not active for a full calendar year, no performance information is shown in the bar chart. Because the Global Fixed Income Series has had several periods of activation and deactivation, its performance is not comparable to the performance of other mutual funds. The total return table shows how the average annual total returns for the Class I shares and the Class S shares for different periods compare to those of a broad-based securities index.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.manning-napier.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Quarterly Returns
Highest (quarter ended 3/31/16): 3.83%
Lowest (quarter ended 12/31/16): (4.49)%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS
FOR PERIOD ENDED DECEMBER 31, 2017
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown The after-tax figures are shown for one share class only, and would be different for the other share class.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Global Fixed Income Series | CLASS I  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets none
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.14%
Other Expenses rr_OtherExpensesOverAssets 0.14%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.74% [1]
Less Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.04%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.70% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 72
AFTER 3 YEARS rr_ExpenseExampleYear03 233
AFTER 5 YEARS rr_ExpenseExampleYear05 408
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 915
2013 rr_AnnualReturn2013 (0.32%)
2014 rr_AnnualReturn2014 0.57%
2015 rr_AnnualReturn2015 (5.45%)
2016 rr_AnnualReturn2016 0.22%
2017 rr_AnnualReturn2017 6.34%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.83%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2016
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (4.49%)
1 Year rr_AverageAnnualReturnYear01 6.34%
5 Years rr_AverageAnnualReturnYear05 0.20%
Since Current Activation rr_AverageAnnualReturnSinceInception 0.37%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2012
Global Fixed Income Series | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets 0.15%
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.14%
Other Expenses rr_OtherExpensesOverAssets 0.29%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.89% [1]
Less Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.04%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.85% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 87
AFTER 3 YEARS rr_ExpenseExampleYear03 280
AFTER 5 YEARS rr_ExpenseExampleYear05 489
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 1,092
1 Year rr_AverageAnnualReturnYear01 6.26%
5 Years rr_AverageAnnualReturnYear05 0.06%
Since Current Activation rr_AverageAnnualReturnSinceInception 0.23%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2012
Global Fixed Income Series | Return After Taxes on Distributions | CLASS I  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.34%
5 Years rr_AverageAnnualReturnYear05 (0.14%)
Since Current Activation rr_AverageAnnualReturnSinceInception 0.04%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2012
Global Fixed Income Series | Return After Taxes on Distributions and Sale of Series Shares | CLASS I  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.59%
5 Years rr_AverageAnnualReturnYear05 0.02%
Since Current Activation rr_AverageAnnualReturnSinceInception 0.15%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2012
Global Fixed Income Series | ICE BofA Merrill Lynch Global Broad Market Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.95%
5 Years rr_AverageAnnualReturnYear05 0.94%
Since Current Activation rr_AverageAnnualReturnSinceInception 0.83%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2012
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
[2] Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of a Class’s Shareholder Services Fee, do not exceed 0.70% of each Class’s average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses and, therefore, does not apply to acquired funds fees and expenses, which are indirect expenses incurred by the Series through its investments in other investment companies.
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High Yield Bond Series
High Yield Bond Series

Summary Section
Investment Goal
The Series’ investment objective is to provide a high level of long-term total return by investing principally in non-investment grade fixed income securities that are issued by government and corporate entities.
Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
HIGH YIELD BOND SERIES

Shareholder Fees (fees paid directly from your
investment)
Shareholder Fees - High Yield Bond Series - USD ($)
CLASS I
CLASS S
Shareholder Fees (fees paid directly from your investment) none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - High Yield Bond Series
CLASS I
CLASS S
Management Fees 0.55% 0.55%
Distribution (12b-1) Fees none none
Other Expenses 0.17% 0.42%
Shareholder Services Fee none 0.25%
Remainder of Other Expenses 0.17% 0.17%
Acquired Fund Fees and Expenses (AFFE) 0.01% 0.01%
Total Annual Fund Operating Expenses [1] 0.73% 0.98%
Less Fee Waiver and/or Expense Reimbursement [2] (0.07%) (0.07%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [1] 0.66% 0.91%
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
[2] Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of a Class’s Shareholder Services Fee, do not exceed 0.65% of each Class’s average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in other investment companies.
Example
The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same (taking into account the Advisor's contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - High Yield Bond Series - USD ($)
AFTER 1 YEAR
AFTER 3 YEARS
AFTER 5 YEARS
AFTER 10 YEARS
CLASS I 67 226 399 900
CLASS S 93 305 535 1,195
Portfolio Turnover
The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 106% of the average value of its portfolio.
Principal Investment Strategies
The Series seeks to provide a high level of long-term total return, which is a combination of income and capital appreciation. The Series will invest, under normal circumstances, at least 80% of its net assets in bonds that are rated below investment grade (junk bonds) and other securities, principally exchange-traded funds (ETFs), that are designed to track the performance of non-investment grade securities. These bonds may include U.S. dollar denominated fixed income securities issued by U.S. and foreign corporations and governments, including those in emerging markets. The Series may also invest in securities of other investment companies, such as open-end or closed-end management investment companies. The Series may invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate investments.

Bond Selection Process — The Advisor attempts to identify securities that offer yields and credit spreads sufficient for the risks assumed. In analyzing the relative attractiveness of sectors and/or individual securities, the Advisor considers:
  • The relevant economic conditions and sector trends.
  • The interest rate sensitivities of the particular sectors and securities.
  • The yield differentials across sectors, credit qualities, and maturities.
  • “Bottom-up” factors such as an issuer’s financial status, market position, and managerial expertise.
Maturity and Portfolio Duration — The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. For example, the Advisor may invest in longer-term fixed income securities when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term fixed income securities when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

Credit Quality — The Series will invest primarily in non-investment grade securities, those rated below BBB- by S&P or Baa3 by Moody’s, or determined to be of equivalent quality by the Advisor. The Series may also invest, to a limited extent, in investment grade securities when the Advisor considers their “credit spreads” (i.e., the difference between the bonds’ yields to maturity and those of U.S. Treasury bonds with similar maturities) to be attractive. The Series may invest in securities with any rating, including those that have defaulted, are not rated, or have had their rating withdrawn.

The Advisor will consider selling a security for one or more of the following reasons:
  • it no longer meets the security selection criteria under which it was purchased;
  • it has poor relative value (the spread has tightened such that the security is no longer considered attractively priced); or
  • a more attractive investment opportunity is identified.
There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.
Principal Risks of Investing in the Series
As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates, credit spreads, and prepayment spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign bond markets decline.
  • The issuer of a fixed income security owned by the Series defaults on its obligation to pay principal and/or interest, or the issuer has its credit rating downgraded; this risk is greater for junk bonds and other lower quality bonds.
  • Interest rates rise, credit spreads widen, and/or prepayment spreads widen. The events alone or in combination can cause bond prices to fall and reduce the value of the Series’ portfolio. Longer-term bonds have a greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.
  • Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series’ value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series’ liquidity or force the Series to sell securities into a declining or illiquid market.

Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States.

Emerging markets risk — The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series’ investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries.
Investment company risk — To the extent the Series invests a portion of its assets in investment companies, those assets will be subject to the risks of the purchased investment company’s portfolio securities. The Series also will bear its proportionate share of the expenses of the purchased investment company in addition to its own expenses.

High-yield securities risk — The Series is subject to additional risks due to its ability to invest in high-yield securities (junk bonds):
  • High-yield securities may underperform other sectors of the bond market, or the market as a whole.
  • The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market.
  • Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities.
  • The Series’ investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.
Bank loan risk — Investments in bank loans expose the Series to the credit risk of both the financial institution and the underlying borrower. The Series may also have difficulty valuing or disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series’ management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Summary of Past Performance
The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each calendar year since its reactivation. The Class S shares were formerly known as the High Yield Bond Series, with no class designation. The Series was previously active from March 3, 2003 to September 15, 2004. The Series was redeemed in full on September 15, 2004 and was reactivated on September 14, 2009. For years in which the Series was inactive or was not active for a full calendar year, no performance information is shown in the bar chart. Because the High Yield Bond Series has had several periods of activation and deactivation, its performance is not comparable to the performance of other mutual funds. The total return table shows how the average annual total returns for the Class S and Class I shares for different periods compare to those of two broad-based securities indices. The Series’ Class I shares commenced operations on August 1, 2012, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series’ Class S shares. Because Class I shares of the Series invest in the same portfolio of securities, returns for the Class I shares will be substantially similar to those of the Class S shares. Performance will be different only to the extent that the Class I shares have lower expenses. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Calendar Years Ended December 31
Bar Chart
Quarterly Returns
Highest (quarter ended 09/30/10): 6.81%
Lowest (quarter ended 09/30/15): (4.88)%
AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Average Annual Total Returns - High Yield Bond Series
1 Year
5 Years
Since Current Activation
Inception Date
Class S Shares 8.49% 5.41% 7.77% Sep. 14, 2009
Class S Shares | Return After Taxes on Distributions 6.15% 2.63% 4.90% Sep. 14, 2009
Class S Shares | Return After Taxes on Distributions and Sale of Series Shares 4.79% 2.89% 4.91% Sep. 14, 2009
Class I Shares 8.68% 5.65% 7.93% Sep. 14, 2009
ICE BofA Merrill Lynch U.S. High Yield, Cash Pay, BB-B Rated Index (reflect no deduction for fees, expenses, or taxes) 6.97% 5.57% 8.39% Sep. 14, 2009
ICE BofA Merrill Lynch U.S. High Yield, Cash Pay Index (reflect no deduction for fees, expenses, or taxes) 7.48% 5.78% 8.78% Sep. 14, 2009
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
XML 24 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANNING & NAPIER FUND, INC.
Prospectus Date rr_ProspectusDate May 01, 2018
High Yield Bond Series  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading High Yield Bond Series

Summary Section
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Series’ investment objective is to provide a high level of long-term total return by investing principally in non-investment grade fixed income securities that are issued by government and corporate entities.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption HIGH YIELD BOND SERIES

Shareholder Fees (fees paid directly from your
investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 106% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 106.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same (taking into account the Advisor's contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Series seeks to provide a high level of long-term total return, which is a combination of income and capital appreciation. The Series will invest, under normal circumstances, at least 80% of its net assets in bonds that are rated below investment grade (junk bonds) and other securities, principally exchange-traded funds (ETFs), that are designed to track the performance of non-investment grade securities. These bonds may include U.S. dollar denominated fixed income securities issued by U.S. and foreign corporations and governments, including those in emerging markets. The Series may also invest in securities of other investment companies, such as open-end or closed-end management investment companies. The Series may invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate investments.

Bond Selection Process — The Advisor attempts to identify securities that offer yields and credit spreads sufficient for the risks assumed. In analyzing the relative attractiveness of sectors and/or individual securities, the Advisor considers:
  • The relevant economic conditions and sector trends.
  • The interest rate sensitivities of the particular sectors and securities.
  • The yield differentials across sectors, credit qualities, and maturities.
  • “Bottom-up” factors such as an issuer’s financial status, market position, and managerial expertise.
Maturity and Portfolio Duration — The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. For example, the Advisor may invest in longer-term fixed income securities when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term fixed income securities when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

Credit Quality — The Series will invest primarily in non-investment grade securities, those rated below BBB- by S&P or Baa3 by Moody’s, or determined to be of equivalent quality by the Advisor. The Series may also invest, to a limited extent, in investment grade securities when the Advisor considers their “credit spreads” (i.e., the difference between the bonds’ yields to maturity and those of U.S. Treasury bonds with similar maturities) to be attractive. The Series may invest in securities with any rating, including those that have defaulted, are not rated, or have had their rating withdrawn.

The Advisor will consider selling a security for one or more of the following reasons:
  • it no longer meets the security selection criteria under which it was purchased;
  • it has poor relative value (the spread has tightened such that the security is no longer considered attractively priced); or
  • a more attractive investment opportunity is identified.
There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Series
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates, credit spreads, and prepayment spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign bond markets decline.
  • The issuer of a fixed income security owned by the Series defaults on its obligation to pay principal and/or interest, or the issuer has its credit rating downgraded; this risk is greater for junk bonds and other lower quality bonds.
  • Interest rates rise, credit spreads widen, and/or prepayment spreads widen. The events alone or in combination can cause bond prices to fall and reduce the value of the Series’ portfolio. Longer-term bonds have a greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.
  • Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series’ value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series’ liquidity or force the Series to sell securities into a declining or illiquid market.

Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States.

Emerging markets risk — The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series’ investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries.
Investment company risk — To the extent the Series invests a portion of its assets in investment companies, those assets will be subject to the risks of the purchased investment company’s portfolio securities. The Series also will bear its proportionate share of the expenses of the purchased investment company in addition to its own expenses.

High-yield securities risk — The Series is subject to additional risks due to its ability to invest in high-yield securities (junk bonds):
  • High-yield securities may underperform other sectors of the bond market, or the market as a whole.
  • The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market.
  • Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities.
  • The Series’ investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.
Bank loan risk — Investments in bank loans expose the Series to the credit risk of both the financial institution and the underlying borrower. The Series may also have difficulty valuing or disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series’ management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Series.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Summary of Past Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each calendar year since its reactivation. The Class S shares were formerly known as the High Yield Bond Series, with no class designation. The Series was previously active from March 3, 2003 to September 15, 2004. The Series was redeemed in full on September 15, 2004 and was reactivated on September 14, 2009. For years in which the Series was inactive or was not active for a full calendar year, no performance information is shown in the bar chart. Because the High Yield Bond Series has had several periods of activation and deactivation, its performance is not comparable to the performance of other mutual funds. The total return table shows how the average annual total returns for the Class S and Class I shares for different periods compare to those of two broad-based securities indices. The Series’ Class I shares commenced operations on August 1, 2012, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series’ Class S shares. Because Class I shares of the Series invest in the same portfolio of securities, returns for the Class I shares will be substantially similar to those of the Class S shares. Performance will be different only to the extent that the Class I shares have lower expenses. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each calendar year since its reactivation. The Class S shares were formerly known as the High Yield Bond Series, with no class designation. The Series was previously active from March 3, 2003 to September 15, 2004. The Series was redeemed in full on September 15, 2004 and was reactivated on September 14, 2009. For years in which the Series was inactive or was not active for a full calendar year, no performance information is shown in the bar chart. Because the High Yield Bond Series has had several periods of activation and deactivation, its performance is not comparable to the performance of other mutual funds. The total return table shows how the average annual total returns for the Class S and Class I shares for different periods compare to those of two broad-based securities indices.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.manning-napier.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Years Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Quarterly Returns
Highest (quarter ended 09/30/10): 6.81%
Lowest (quarter ended 09/30/15): (4.88)%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown The after-tax figures are shown for one share class only, and would be different for the other share class.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
High Yield Bond Series | CLASS I  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets none
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.17%
Other Expenses rr_OtherExpensesOverAssets 0.17%
Acquired Fund Fees and Expenses (AFFE) rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.73% [1]
Less Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.07%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.66% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 67
AFTER 3 YEARS rr_ExpenseExampleYear03 226
AFTER 5 YEARS rr_ExpenseExampleYear05 399
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 900
1 Year rr_AverageAnnualReturnYear01 8.68%
5 Years rr_AverageAnnualReturnYear05 5.65%
Since Current Activation rr_AverageAnnualReturnSinceInception 7.93%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 14, 2009
High Yield Bond Series | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets 0.25%
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.17%
Other Expenses rr_OtherExpensesOverAssets 0.42%
Acquired Fund Fees and Expenses (AFFE) rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.98% [1]
Less Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.07%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.91% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 93
AFTER 3 YEARS rr_ExpenseExampleYear03 305
AFTER 5 YEARS rr_ExpenseExampleYear05 535
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 1,195
2010 rr_AnnualReturn2010 13.59%
2011 rr_AnnualReturn2011 4.87%
2012 rr_AnnualReturn2012 14.46%
2013 rr_AnnualReturn2013 7.17%
2014 rr_AnnualReturn2014 2.04%
2015 rr_AnnualReturn2015 (3.28%)
2016 rr_AnnualReturn2016 13.41%
2017 rr_AnnualReturn2017 8.49%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.81%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (4.88%)
1 Year rr_AverageAnnualReturnYear01 8.49%
5 Years rr_AverageAnnualReturnYear05 5.41%
Since Current Activation rr_AverageAnnualReturnSinceInception 7.77%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 14, 2009
High Yield Bond Series | Return After Taxes on Distributions | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.15%
5 Years rr_AverageAnnualReturnYear05 2.63%
Since Current Activation rr_AverageAnnualReturnSinceInception 4.90%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 14, 2009
High Yield Bond Series | Return After Taxes on Distributions and Sale of Series Shares | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.79%
5 Years rr_AverageAnnualReturnYear05 2.89%
Since Current Activation rr_AverageAnnualReturnSinceInception 4.91%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 14, 2009
High Yield Bond Series | ICE BofA Merrill Lynch U.S. High Yield, Cash Pay, BB-B Rated Index (reflect no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.97%
5 Years rr_AverageAnnualReturnYear05 5.57%
Since Current Activation rr_AverageAnnualReturnSinceInception 8.39%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 14, 2009
High Yield Bond Series | ICE BofA Merrill Lynch U.S. High Yield, Cash Pay Index (reflect no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.48%
5 Years rr_AverageAnnualReturnYear05 5.78%
Since Current Activation rr_AverageAnnualReturnSinceInception 8.78%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 14, 2009
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
[2] Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of a Class’s Shareholder Services Fee, do not exceed 0.65% of each Class’s average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in other investment companies.
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International Series
International Series

Summary Section
Investment Goal
The Series’ investment objective is to provide long-term growth by investing principally in the common stocks of companies located outside the United States.
Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
INTERNATIONAL SERIES

Shareholder Fees
(paid directly from your investment)
Shareholder Fees - International Series - USD ($)
CLASS I
CLASS S
Shareholder Fees (paid directly from your investment) none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - International Series
CLASS I
CLASS S
Management Fees 0.75% 0.75%
Distribution (12b-1) Fees none none
Other Expenses 0.15% 0.40%
Shareholder Services Fee none 0.25%
Remainder of Other Expenses 0.15% 0.15%
Acquired Fund Fees and Expenses (AFFE) 0.03% 0.03%
Total Annual Fund Operating Expenses [1] 0.93% 1.18%
Less Fee Waiver and/or Expense Reimbursement [2] (0.05%) (0.05%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [1] 0.88% 1.13%
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
[2] Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of a Class's Shareholder Services Fee, do not exceed 0.85% of each Class's average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series' Board of Directors. The Advisor's agreement to limit each Class's operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in other investment companies.
Example
The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same (taking into account the Advisor's contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - International Series - USD ($)
AFTER 1 YEAR
AFTER 3 YEARS
AFTER 5 YEARS
AFTER 10 YEARS
CLASS I 90 291 510 1,138
CLASS S 115 370 644 1,427
Portfolio Turnover
The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 125% of the average value of its portfolio.
Principal Investment Strategies
The Series invests primarily in common stocks of foreign companies, which may be located both in developed and in emerging markets. The Series may also invest in American Depository Receipts (ADRs) and other U.S. dollar denominated securities of foreign issuers.

The Advisor examines environmental risk factors, changes in macroeconomic variables, and equity market valuations of countries. This examination allows the Advisor to pinpoint investment opportunities being created by economic trends, political changes, demographic shifts, and government reforms taking place around the world, and also identify broad themes that cut across countries or issuers. This approach is called a “top-down” investment strategy, and is different from many stock funds because the Advisor’s primary focus is not on bottom-up individual stock selection. Rather, the Advisor focuses on actively managing the Series’ allocations to regions, countries, country-sectors, and currencies in accordance with the viewpoints generated from country analysis. The Series implements each top-down view by purchasing securities that it believes will benefit from those views. In building the portfolio, the Advisor seeks to minimize company- and security-specific risk by using a diversified basket approach to security selection and by taking into consideration current valuations as well as company-specific risk factors.

The Series may invest in stocks of small-, large-, or mid-size companies. The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular country, region, or market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series’ portfolio more efficiently than would otherwise be possible. The Series may invest in cash and cash equivalents for defensive purposes or when seeking other investment opportunities.

The Series may, but is not required to, undertake hedging activities and may invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.

The Series typically holds baskets of stocks in each top-down theme that it has identified. The Advisor may consider selling the entire basket for one or more of the following reasons:
  • its view of the theme under which the basket was purchased deteriorates;
  • the Advisor's expectations for the theme have been met; or
  • a more attractive theme is identified.
In addition, the Advisor may consider selling individual securities within a basket for one or more of the following reasons:
  • company-specific risks increase, reducing the security's fit within the basket's theme; or
  • other securities are identified that better fit within the basket's theme.
There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.
Principal Risks of Investing in the Series
As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in stocks, the value of your investment will fluctuate in response to stock market movements. This means that you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign stock markets decline.
  • An adverse event, such as an unfavorable earnings report, depresses the value of one or more of the Series’ portfolio holdings.
Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign common stocks may, at times, move in a different direction than the prices of U.S. stocks. The Series’ investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar. The Advisor’s attempt to manage the currency risk described above may not accurately predict movements in currency exchange rates, which could cause the Series to sustain losses.

Emerging markets risk — The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series’ investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
Large-cap risk — Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments — small-cap stocks, for instance — the Series' performance could be reduced to the extent its portfolio is holding large-cap stocks.

Small- and mid-cap risk — The Series may also have special risks due to its investments in stocks of small- and mid-size companies. These risks include the following:
  • The stocks of small- and mid-size companies may be subject to more abrupt or erratic market movements than the stocks of larger companies.
  • The stocks of small- and mid-size companies may be subject to liquidity risk because such stocks may have lower trading volume and be less marketable than the stocks of larger companies. Liquidity risk is further described below.
  • Small- and mid-size companies may have limited product lines, markets, or financial resources, and they may depend on a small management group. As a result, they fail more often than larger companies.
Forward contracts risk — The Series is subject to the following risks due to its ability to invest in forward contracts:
  • Forwards, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a forward contract may not correlate perfectly with the underlying investment.
  • The Series may not be able to receive amounts payable to it under its forward contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series’ investments in such contracts may not be as liquid as the Series’ other investments.
  • The Series’ use of forwards is also subject to the risk that the counterparty to the forward contract will default or otherwise become unable to honor its obligation to the Series.
Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Geographic focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular country or geographic region, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those countries and regions. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund holding more geographically diverse investments.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Summary of Past Performance
The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Class S and Class I shares for different periods compare to those of a broad-based securities index. The Series’ Class I shares commenced operations on March 15, 2012, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series’ Class S shares. Because Class I shares of the Series invest in the same portfolio of securities, returns for the Class I shares will be substantially similar to those of the Class S shares. Performance will be different only to the extent that the Class I shares have lower expenses. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Calendar Years Ended December 31
Bar Chart
Quarterly Returns
Highest (quarter ended 09/30/09): 20.18%
Lowest (quarter ended 09/30/11): (21.17)%
AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Average Annual Total Returns - International Series
1 Year
5 Years
10 Years
Since Inception
[1]
Inception Date
Class S Shares 25.13% 6.99% 3.57% 8.11% Aug. 27, 1992
Class S Shares | Return After Taxes on Distributions 24.44% 5.80% 2.57% 6.31% Aug. 27, 1992
Class S Shares | Return After Taxes on Distributions and Sale of Series Shares 14.95% 5.38% 2.71% 6.33% Aug. 27, 1992
Class I Shares 25.50% 7.28% 3.73% 8.18% Aug. 27, 1992
MSCI ACWI ex USA Index (reflects no deduction for fees, expenses, or taxes) 27.19% 6.80% 1.84% 6.53% Aug. 31, 1992
[1] Performance numbers for the Series are calculated from August 27, 1992, the inception date of the Series' Class S shares. Performance numbers for Index are calculated from August 31, 1992.
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 27 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANNING & NAPIER FUND, INC.
Prospectus Date rr_ProspectusDate May 01, 2018
International Series  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading International Series

Summary Section
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Series’ investment objective is to provide long-term growth by investing principally in the common stocks of companies located outside the United States.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption INTERNATIONAL SERIES

Shareholder Fees
(paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 125% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 125.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series' financial statements) because the financial highlights include only the Series' direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same (taking into account the Advisor's contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Series invests primarily in common stocks of foreign companies, which may be located both in developed and in emerging markets. The Series may also invest in American Depository Receipts (ADRs) and other U.S. dollar denominated securities of foreign issuers.

The Advisor examines environmental risk factors, changes in macroeconomic variables, and equity market valuations of countries. This examination allows the Advisor to pinpoint investment opportunities being created by economic trends, political changes, demographic shifts, and government reforms taking place around the world, and also identify broad themes that cut across countries or issuers. This approach is called a “top-down” investment strategy, and is different from many stock funds because the Advisor’s primary focus is not on bottom-up individual stock selection. Rather, the Advisor focuses on actively managing the Series’ allocations to regions, countries, country-sectors, and currencies in accordance with the viewpoints generated from country analysis. The Series implements each top-down view by purchasing securities that it believes will benefit from those views. In building the portfolio, the Advisor seeks to minimize company- and security-specific risk by using a diversified basket approach to security selection and by taking into consideration current valuations as well as company-specific risk factors.

The Series may invest in stocks of small-, large-, or mid-size companies. The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular country, region, or market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series’ portfolio more efficiently than would otherwise be possible. The Series may invest in cash and cash equivalents for defensive purposes or when seeking other investment opportunities.

The Series may, but is not required to, undertake hedging activities and may invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.

The Series typically holds baskets of stocks in each top-down theme that it has identified. The Advisor may consider selling the entire basket for one or more of the following reasons:
  • its view of the theme under which the basket was purchased deteriorates;
  • the Advisor's expectations for the theme have been met; or
  • a more attractive theme is identified.
In addition, the Advisor may consider selling individual securities within a basket for one or more of the following reasons:
  • company-specific risks increase, reducing the security's fit within the basket's theme; or
  • other securities are identified that better fit within the basket's theme.
There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Series
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in stocks, the value of your investment will fluctuate in response to stock market movements. This means that you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign stock markets decline.
  • An adverse event, such as an unfavorable earnings report, depresses the value of one or more of the Series’ portfolio holdings.
Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign common stocks may, at times, move in a different direction than the prices of U.S. stocks. The Series’ investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar. The Advisor’s attempt to manage the currency risk described above may not accurately predict movements in currency exchange rates, which could cause the Series to sustain losses.

Emerging markets risk — The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series’ investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
Large-cap risk — Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments — small-cap stocks, for instance — the Series' performance could be reduced to the extent its portfolio is holding large-cap stocks.

Small- and mid-cap risk — The Series may also have special risks due to its investments in stocks of small- and mid-size companies. These risks include the following:
  • The stocks of small- and mid-size companies may be subject to more abrupt or erratic market movements than the stocks of larger companies.
  • The stocks of small- and mid-size companies may be subject to liquidity risk because such stocks may have lower trading volume and be less marketable than the stocks of larger companies. Liquidity risk is further described below.
  • Small- and mid-size companies may have limited product lines, markets, or financial resources, and they may depend on a small management group. As a result, they fail more often than larger companies.
Forward contracts risk — The Series is subject to the following risks due to its ability to invest in forward contracts:
  • Forwards, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a forward contract may not correlate perfectly with the underlying investment.
  • The Series may not be able to receive amounts payable to it under its forward contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series’ investments in such contracts may not be as liquid as the Series’ other investments.
  • The Series’ use of forwards is also subject to the risk that the counterparty to the forward contract will default or otherwise become unable to honor its obligation to the Series.
Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Geographic focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular country or geographic region, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those countries and regions. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund holding more geographically diverse investments.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Series.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Summary of Past Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Class S and Class I shares for different periods compare to those of a broad-based securities index. The Series’ Class I shares commenced operations on March 15, 2012, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series’ Class S shares. Because Class I shares of the Series invest in the same portfolio of securities, returns for the Class I shares will be substantially similar to those of the Class S shares. Performance will be different only to the extent that the Class I shares have lower expenses. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Class S and Class I shares for different periods compare to those of a broad-based securities index.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.manning-napier.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Years Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Quarterly Returns
Highest (quarter ended 09/30/09): 20.18%
Lowest (quarter ended 09/30/11): (21.17)%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown The after-tax figures are shown for one share class only, and would be different for the other share class.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
International Series | CLASS I  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets none
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.15%
Other Expenses rr_OtherExpensesOverAssets 0.15%
Acquired Fund Fees and Expenses (AFFE) rr_AcquiredFundFeesAndExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.93% [1]
Less Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.05%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.88% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 90
AFTER 3 YEARS rr_ExpenseExampleYear03 291
AFTER 5 YEARS rr_ExpenseExampleYear05 510
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 1,138
1 Year rr_AverageAnnualReturnYear01 25.50%
5 Years rr_AverageAnnualReturnYear05 7.28%
10 Years rr_AverageAnnualReturnYear10 3.73%
Since Inception rr_AverageAnnualReturnSinceInception 8.18% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 27, 1992
International Series | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets 0.25%
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.15%
Other Expenses rr_OtherExpensesOverAssets 0.40%
Acquired Fund Fees and Expenses (AFFE) rr_AcquiredFundFeesAndExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.18% [1]
Less Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.05%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.13% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 115
AFTER 3 YEARS rr_ExpenseExampleYear03 370
AFTER 5 YEARS rr_ExpenseExampleYear05 644
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 1,427
2008 rr_AnnualReturn2008 (33.25%)
2009 rr_AnnualReturn2009 34.23%
2010 rr_AnnualReturn2010 12.04%
2011 rr_AnnualReturn2011 (12.93%)
2012 rr_AnnualReturn2012 15.93%
2013 rr_AnnualReturn2013 19.69%
2014 rr_AnnualReturn2014 (7.03%)
2015 rr_AnnualReturn2015 (3.72%)
2016 rr_AnnualReturn2016 4.55%
2017 rr_AnnualReturn2017 25.13%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 20.18%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (21.17%)
1 Year rr_AverageAnnualReturnYear01 25.13%
5 Years rr_AverageAnnualReturnYear05 6.99%
10 Years rr_AverageAnnualReturnYear10 3.57%
Since Inception rr_AverageAnnualReturnSinceInception 8.11% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 27, 1992
International Series | Return After Taxes on Distributions | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 24.44%
5 Years rr_AverageAnnualReturnYear05 5.80%
10 Years rr_AverageAnnualReturnYear10 2.57%
Since Inception rr_AverageAnnualReturnSinceInception 6.31% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 27, 1992
International Series | Return After Taxes on Distributions and Sale of Series Shares | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 14.95%
5 Years rr_AverageAnnualReturnYear05 5.38%
10 Years rr_AverageAnnualReturnYear10 2.71%
Since Inception rr_AverageAnnualReturnSinceInception 6.33% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 27, 1992
International Series | MSCI ACWI ex USA Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 27.19%
5 Years rr_AverageAnnualReturnYear05 6.80%
10 Years rr_AverageAnnualReturnYear10 1.84%
Since Inception rr_AverageAnnualReturnSinceInception 6.53% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 31, 1992
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
[2] Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of a Class's Shareholder Services Fee, do not exceed 0.85% of each Class's average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series' Board of Directors. The Advisor's agreement to limit each Class's operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in other investment companies.
[3] Performance numbers for the Series are calculated from August 27, 1992, the inception date of the Series' Class S shares. Performance numbers for Index are calculated from August 31, 1992.
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New York Tax Exempt Series
New York Tax Exempt Series

Summary Section
Investment Goal
The Series’ investment objective is to provide as high a level of current income exempt from federal income tax and New York State personal income tax as the Advisor believes is consistent with the preservation of capital.
Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
NEW YORK TAX EXEMPT SERIES

Shareholder Fees
(paid directly from your investment)
Shareholder Fees
New York Tax Exempt Series
New York Tax Exempt Series
USD ($)
Shareholder Fees (paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
New York Tax Exempt Series
New York Tax Exempt Series
Management Fees 0.50%
Distribution and Service (12b-1) Fees none
Other Expenses 0.10%
Total Annual Fund Operating Expenses 0.60% [1]
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratio in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Example
The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
AFTER 1 YEAR
AFTER 3 YEARS
AFTER 5 YEARS
AFTER 10 YEARS
New York Tax Exempt Series | New York Tax Exempt Series | USD ($) 61 192 335 750
Portfolio Turnover
The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 9% of the average value of its portfolio.
Principal Investment Strategies
The Series invests primarily in municipal bonds and other securities the income from which is exempt from federal income tax and New York State personal income tax. The Series will, under normal circumstances, invest at least 80% of its net assets in securities the income from which is exempt from federal and New York income tax, including the Alternative Minimum Tax (AMT). The main issuers of these securities are state and local agencies in New York. In selecting investments for the Series, the Advisor attempts to balance the Series' goals of high income and capital preservation. With this approach, the Advisor attempts to build a portfolio that it believes provides the opportunity to earn current income; however, the Advisor will only purchase investment grade securities, or those securities determined by the Advisor to be of equivalent quality, and will maintain other selection criteria in an attempt to avoid permanent capital loss.

Bond Selection Process — The Advisor emphasizes those bond market sectors and selects for the Series those securities that it believes offer yields sufficient to compensate the investor for the risks specific to the security or sector. In analyzing the relative attractiveness of sectors and individual securities, the Advisor considers:
  • The interest rate sensitivity of each security.
  • The narrowing or widening of interest rate spreads between sectors, securities of different credit quality or securities of different maturities.
Maturity and Portfolio Duration — The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

Credit Quality — The Series’ investments will be limited to investment grade securities, those rated BBB- or above by S&P or Baa3 or above by Moody’s, or determined by the Advisor to be of equivalent quality.

The Series may invest in taxable investments, including obligations of the U.S. Government, its agencies or instrumentalities. The Series may also invest in money market instruments or hold its assets in cash. These investments may cause the Series to make a taxable distribution to shareholders.

The Advisor will consider selling a security for one or more of the following reasons:
  • to adjust the Series' duration and/or yield curve positioning;
  • there is a deterioration in the credit quality of the issuer;
  • the security's relative value has declined (the spread has tightened such that the security is no longer considered attractively priced); or
  • a more attractive investment opportunity is identified.
Principal Risks of Investing in the Series
As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates and/or credit spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign bond markets decline.
  • The issuer of a bond owned by the Series defaults on its obligation to pay principal or interest or has its credit rating downgraded.
  • Interest rates rise and/or credit spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series’ portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.
  • Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series’ value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series’ liquidity or force the Series to sell securities into a declining or illiquid market.

Municipal bond risk — In addition to the general risks of bond funds, the Series is subject to the following additional risks due to its focus on municipal bonds:
  • Changes in the financial condition of municipal issuers may adversely affect the value of the Series’ securities.
  • Economic or political changes may affect the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Series.
  • Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations.
New York State municipal bond risk — In addition to the risks of bond funds in general and more specifically of municipal bond funds, this Series has the following special risks:
  • Concentration in New York tax exempt securities may lead to more volatility than if the Series invested in securities from a number of different states.
  • The Series is sensitive to political, economic, or demographic developments within the state, public authorities, or political subdivisions, particularly in the New York City area.
  • The Series is subject to the risk that its market segment (New York tax exempt securities) may underperform other fixed income market segments or the fixed income markets as a whole.
  • New York’s economy is heavily dependent on the financial sector, and the Series may be adversely affected by economic problems affecting that sector.
Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series’ management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Summary of Past Performance
The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Calendar Years Ended December 31
Bar Chart
Quarterly Returns
Highest (quarter ended 09/30/09): 6.23%
Lowest (quarter ended 12/31/10): (5.27)%
AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Average Annual Total Returns - New York Tax Exempt Series
1 Year
5 Years
10 Years
Since Inception
Inception Date
New York Tax Exempt Series 2.27% 0.50% 2.38% 3.62% Jan. 17, 1994
New York Tax Exempt Series | Return After Taxes on Distributions 2.26% 0.46% 2.33% 3.57% Jan. 17, 1994
New York Tax Exempt Series | Return After Taxes on Distributions and Sale of Series Shares 1.76% 0.62% 2.32% 3.55% Jan. 17, 1994
ICE BofA Merrill Lynch 1-12 Year Municipal Bond Index (reflects no deduction for fees, expenses, or taxes) 3.20% 1.93% 3.52% 4.48% Jan. 17, 1994
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
XML 30 R50.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANNING & NAPIER FUND, INC.
Prospectus Date rr_ProspectusDate May 01, 2018
New York Tax Exempt Series  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading New York Tax Exempt Series

Summary Section
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Series’ investment objective is to provide as high a level of current income exempt from federal income tax and New York State personal income tax as the Advisor believes is consistent with the preservation of capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption NEW YORK TAX EXEMPT SERIES

Shareholder Fees
(paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 9% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 9.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The total annual fund operating expenses in this fee table may not correlate to the expense ratio in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Series invests primarily in municipal bonds and other securities the income from which is exempt from federal income tax and New York State personal income tax. The Series will, under normal circumstances, invest at least 80% of its net assets in securities the income from which is exempt from federal and New York income tax, including the Alternative Minimum Tax (AMT). The main issuers of these securities are state and local agencies in New York. In selecting investments for the Series, the Advisor attempts to balance the Series' goals of high income and capital preservation. With this approach, the Advisor attempts to build a portfolio that it believes provides the opportunity to earn current income; however, the Advisor will only purchase investment grade securities, or those securities determined by the Advisor to be of equivalent quality, and will maintain other selection criteria in an attempt to avoid permanent capital loss.

Bond Selection Process — The Advisor emphasizes those bond market sectors and selects for the Series those securities that it believes offer yields sufficient to compensate the investor for the risks specific to the security or sector. In analyzing the relative attractiveness of sectors and individual securities, the Advisor considers:
  • The interest rate sensitivity of each security.
  • The narrowing or widening of interest rate spreads between sectors, securities of different credit quality or securities of different maturities.
Maturity and Portfolio Duration — The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

Credit Quality — The Series’ investments will be limited to investment grade securities, those rated BBB- or above by S&P or Baa3 or above by Moody’s, or determined by the Advisor to be of equivalent quality.

The Series may invest in taxable investments, including obligations of the U.S. Government, its agencies or instrumentalities. The Series may also invest in money market instruments or hold its assets in cash. These investments may cause the Series to make a taxable distribution to shareholders.

The Advisor will consider selling a security for one or more of the following reasons:
  • to adjust the Series' duration and/or yield curve positioning;
  • there is a deterioration in the credit quality of the issuer;
  • the security's relative value has declined (the spread has tightened such that the security is no longer considered attractively priced); or
  • a more attractive investment opportunity is identified.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Series
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates and/or credit spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign bond markets decline.
  • The issuer of a bond owned by the Series defaults on its obligation to pay principal or interest or has its credit rating downgraded.
  • Interest rates rise and/or credit spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series’ portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.
  • Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series’ value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series’ liquidity or force the Series to sell securities into a declining or illiquid market.

Municipal bond risk — In addition to the general risks of bond funds, the Series is subject to the following additional risks due to its focus on municipal bonds:
  • Changes in the financial condition of municipal issuers may adversely affect the value of the Series’ securities.
  • Economic or political changes may affect the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Series.
  • Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations.
New York State municipal bond risk — In addition to the risks of bond funds in general and more specifically of municipal bond funds, this Series has the following special risks:
  • Concentration in New York tax exempt securities may lead to more volatility than if the Series invested in securities from a number of different states.
  • The Series is sensitive to political, economic, or demographic developments within the state, public authorities, or political subdivisions, particularly in the New York City area.
  • The Series is subject to the risk that its market segment (New York tax exempt securities) may underperform other fixed income market segments or the fixed income markets as a whole.
  • New York’s economy is heavily dependent on the financial sector, and the Series may be adversely affected by economic problems affecting that sector.
Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series’ management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Series.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Summary of Past Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.manning-napier.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Years Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Quarterly Returns
Highest (quarter ended 09/30/09): 6.23%
Lowest (quarter ended 12/31/10): (5.27)%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
New York Tax Exempt Series | New York Tax Exempt Series  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.50%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.10%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.60% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 61
AFTER 3 YEARS rr_ExpenseExampleYear03 192
AFTER 5 YEARS rr_ExpenseExampleYear05 335
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 750
2008 rr_AnnualReturn2008 (2.37%)
2009 rr_AnnualReturn2009 12.46%
2010 rr_AnnualReturn2010 0.32%
2011 rr_AnnualReturn2011 8.37%
2012 rr_AnnualReturn2012 3.31%
2013 rr_AnnualReturn2013 (1.72%)
2014 rr_AnnualReturn2014 1.28%
2015 rr_AnnualReturn2015 1.54%
2016 rr_AnnualReturn2016 (0.79%)
2017 rr_AnnualReturn2017 2.27%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.23%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (5.27%)
1 Year rr_AverageAnnualReturnYear01 2.27%
5 Years rr_AverageAnnualReturnYear05 0.50%
10 Years rr_AverageAnnualReturnYear10 2.38%
Since Inception rr_AverageAnnualReturnSinceInception 3.62%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 17, 1994
New York Tax Exempt Series | Return After Taxes on Distributions | New York Tax Exempt Series  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.26%
5 Years rr_AverageAnnualReturnYear05 0.46%
10 Years rr_AverageAnnualReturnYear10 2.33%
Since Inception rr_AverageAnnualReturnSinceInception 3.57%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 17, 1994
New York Tax Exempt Series | Return After Taxes on Distributions and Sale of Series Shares | New York Tax Exempt Series  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.76%
5 Years rr_AverageAnnualReturnYear05 0.62%
10 Years rr_AverageAnnualReturnYear10 2.32%
Since Inception rr_AverageAnnualReturnSinceInception 3.55%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 17, 1994
New York Tax Exempt Series | ICE BofA Merrill Lynch 1-12 Year Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.20%
5 Years rr_AverageAnnualReturnYear05 1.93%
10 Years rr_AverageAnnualReturnYear10 3.52%
Since Inception rr_AverageAnnualReturnSinceInception 4.48%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 17, 1994
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratio in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
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Ohio Tax Exempt Series
Ohio Tax Exempt Series

Summary Section
Investment Goal
The Series’ investment objective is to provide as high a level of current income exempt from federal income tax and Ohio State personal income tax as the Advisor believes is consistent with the preservation of capital.
Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
OHIO TAX EXEMPT SERIES

Shareholder Fees
(paid directly from your investment)
Shareholder Fees
Ohio Tax Exempt Series
Ohio Tax Exempt Series
USD ($)
Shareholder Fees (paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Ohio Tax Exempt Series
Ohio Tax Exempt Series
Management Fees 0.50%
Distribution and Service (12b-1) Fees none
Other Expenses 0.28%
Total Annual Fund Operating Expenses 0.78% [1]
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratio in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Example
The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
AFTER 1 YEAR
AFTER 3 YEARS
AFTER 5 YEARS
AFTER 10 YEARS
Ohio Tax Exempt Series | Ohio Tax Exempt Series | USD ($) 80 249 433 966
Portfolio Turnover
The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 8% of the average value of its portfolio.
Principal Investment Strategies
The Series invests primarily in municipal bonds and other securities the income from which is exempt from federal income tax and Ohio State personal income tax. The Series will, under normal circumstances, invest at least 80% of its net assets in securities the income from which is exempt from federal and Ohio income tax, including the Alternative Minimum Tax (AMT). The main issuers of these securities are state and local agencies in Ohio. In selecting investments for the Series, the Advisor attempts to balance the Series' goals of high income and capital preservation. With this approach, the Advisor attempts to build a portfolio that it believes provides the opportunity to earn current income; however, the Advisor will only purchase investment grade securities, or those determined by the Advisor to be of equivalent quality, and will maintain other selection criteria in an attempt to avoid permanent capital loss.

Bond Selection Process — The Advisor emphasizes those bond market sectors and selects for the Series those securities that it believes offer yields sufficient to compensate the investor for the risks specific to the security or sector. In analyzing the relative attractiveness of sectors and individual securities, the Advisor considers:
  • The interest rate sensitivity of each security.
  • The narrowing or widening of interest rate spreads between sectors, securities of different credit quality or securities of different maturities.
Maturity and Portfolio Duration — The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

Credit Quality — The Series’ investments will be limited to investment grade securities, those rated BBB- or above by S&P or Baa3 or above by Moody’s or determined by the Advisor to be of equivalent quality.

The Series may invest in taxable investments, including obligations of the U.S. Government, its agencies or instrumentalities. The Series may also invest in money market instruments or hold its assets in cash. These investments may cause the Series to make a taxable distribution to shareholders.

The Advisor will consider selling a security for one or more of the following reasons:
  • to adjust the Series' duration and/or yield curve positioning;
  • there is a deterioration in the credit quality of the issuer;
  • the security's relative value has declined (the spread has tightened such that the security is no longer considered attractively priced); or
  • a more attractive investment opportunity is identified.
Principal Risks of Investing in the Series
As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates and/or credit spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign bond markets decline.
  • The issuer of a bond owned by the Series defaults on its obligation to pay principal or interest or has its credit rating downgraded.
  • Interest rates rise and/or credit spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series’ portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.
  • Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series' liquidity or force the Series to sell securities into a declining or illiquid market.

Municipal bond risk — In addition to the general risks of bond funds, the Series is subject to the following additional risks due to its focus on municipal bonds:
  • Changes in the financial condition of municipal issuers may adversely affect the value of the Series’ securities.
  • Economic or political changes may affect the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Series.
  • Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations.
Ohio State municipal bond risk — In addition to the risks of bond funds in general and more specifically of municipal bond funds, this Series has the following special risks:
  • Concentration in Ohio tax exempt securities may lead to more volatility than if the Series invested in securities from a number of different states.
  • The Series is sensitive to political, economic, or demographic developments within the state, public authorities, or political subdivisions.
  • The Series is subject to the risk that its market segment (Ohio tax exempt securities) may underperform other fixed income market segments or the fixed income markets as a whole.
  • Ohio’s economy is heavily dependent on the manufacturing sector and the Series may be adversely affected by economic problems affecting that sector.
Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Summary of Past Performance
The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Calendar Years Ended December 31
Bar Chart
Quarterly Returns
Highest (quarter ended 09/30/09): 7.42%
Lowest (quarter ended 12/31/10): (5.86)%
AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Average Annual Total Returns - Ohio Tax Exempt Series
1 Year
5 Years
10 Years
Since Inception
Inception Date
Ohio Tax Exempt Series 2.08% 0.44% 2.45% 3.60% Feb. 14, 1994
Ohio Tax Exempt Series | Return After Taxes on Distributions 2.08% 0.39% 2.37% 3.54% Feb. 14, 1994
Ohio Tax Exempt Series | Return After Taxes on Distributions and Sale of Series Shares 1.58% 0.53% 2.34% 3.50% Feb. 14, 1994
ICE BofA Merrill Lynch 1-12 Year Municipal Bond Index (reflects no deduction for fees, expenses, or taxes) 3.20% 1.93% 3.52% 4.49% Feb. 14, 1994
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
XML 33 R57.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANNING & NAPIER FUND, INC.
Prospectus Date rr_ProspectusDate May 01, 2018
Ohio Tax Exempt Series  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Ohio Tax Exempt Series

Summary Section
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Series’ investment objective is to provide as high a level of current income exempt from federal income tax and Ohio State personal income tax as the Advisor believes is consistent with the preservation of capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption OHIO TAX EXEMPT SERIES

Shareholder Fees
(paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 8% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 8.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The total annual fund operating expenses in this fee table may not correlate to the expense ratio in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Series invests primarily in municipal bonds and other securities the income from which is exempt from federal income tax and Ohio State personal income tax. The Series will, under normal circumstances, invest at least 80% of its net assets in securities the income from which is exempt from federal and Ohio income tax, including the Alternative Minimum Tax (AMT). The main issuers of these securities are state and local agencies in Ohio. In selecting investments for the Series, the Advisor attempts to balance the Series' goals of high income and capital preservation. With this approach, the Advisor attempts to build a portfolio that it believes provides the opportunity to earn current income; however, the Advisor will only purchase investment grade securities, or those determined by the Advisor to be of equivalent quality, and will maintain other selection criteria in an attempt to avoid permanent capital loss.

Bond Selection Process — The Advisor emphasizes those bond market sectors and selects for the Series those securities that it believes offer yields sufficient to compensate the investor for the risks specific to the security or sector. In analyzing the relative attractiveness of sectors and individual securities, the Advisor considers:
  • The interest rate sensitivity of each security.
  • The narrowing or widening of interest rate spreads between sectors, securities of different credit quality or securities of different maturities.
Maturity and Portfolio Duration — The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

Credit Quality — The Series’ investments will be limited to investment grade securities, those rated BBB- or above by S&P or Baa3 or above by Moody’s or determined by the Advisor to be of equivalent quality.

The Series may invest in taxable investments, including obligations of the U.S. Government, its agencies or instrumentalities. The Series may also invest in money market instruments or hold its assets in cash. These investments may cause the Series to make a taxable distribution to shareholders.

The Advisor will consider selling a security for one or more of the following reasons:
  • to adjust the Series' duration and/or yield curve positioning;
  • there is a deterioration in the credit quality of the issuer;
  • the security's relative value has declined (the spread has tightened such that the security is no longer considered attractively priced); or
  • a more attractive investment opportunity is identified.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Series
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates and/or credit spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign bond markets decline.
  • The issuer of a bond owned by the Series defaults on its obligation to pay principal or interest or has its credit rating downgraded.
  • Interest rates rise and/or credit spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series’ portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.
  • Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series' liquidity or force the Series to sell securities into a declining or illiquid market.

Municipal bond risk — In addition to the general risks of bond funds, the Series is subject to the following additional risks due to its focus on municipal bonds:
  • Changes in the financial condition of municipal issuers may adversely affect the value of the Series’ securities.
  • Economic or political changes may affect the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Series.
  • Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations.
Ohio State municipal bond risk — In addition to the risks of bond funds in general and more specifically of municipal bond funds, this Series has the following special risks:
  • Concentration in Ohio tax exempt securities may lead to more volatility than if the Series invested in securities from a number of different states.
  • The Series is sensitive to political, economic, or demographic developments within the state, public authorities, or political subdivisions.
  • The Series is subject to the risk that its market segment (Ohio tax exempt securities) may underperform other fixed income market segments or the fixed income markets as a whole.
  • Ohio’s economy is heavily dependent on the manufacturing sector and the Series may be adversely affected by economic problems affecting that sector.
Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Series.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Summary of Past Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.manning-napier.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Years Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Quarterly Returns
Highest (quarter ended 09/30/09): 7.42%
Lowest (quarter ended 12/31/10): (5.86)%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Ohio Tax Exempt Series | Ohio Tax Exempt Series  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.50%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.28%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.78% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 80
AFTER 3 YEARS rr_ExpenseExampleYear03 249
AFTER 5 YEARS rr_ExpenseExampleYear05 433
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 966
2008 rr_AnnualReturn2008 (1.74%)
2009 rr_AnnualReturn2009 13.09%
2010 rr_AnnualReturn2010 0.14%
2011 rr_AnnualReturn2011 8.65%
2012 rr_AnnualReturn2012 3.09%
2013 rr_AnnualReturn2013 (1.59%)
2014 rr_AnnualReturn2014 1.27%
2015 rr_AnnualReturn2015 1.31%
2016 rr_AnnualReturn2016 (0.81%)
2017 rr_AnnualReturn2017 2.08%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.42%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (5.86%)
1 Year rr_AverageAnnualReturnYear01 2.08%
5 Years rr_AverageAnnualReturnYear05 0.44%
10 Years rr_AverageAnnualReturnYear10 2.45%
Since Inception rr_AverageAnnualReturnSinceInception 3.60%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 14, 1994
Ohio Tax Exempt Series | Return After Taxes on Distributions | Ohio Tax Exempt Series  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.08%
5 Years rr_AverageAnnualReturnYear05 0.39%
10 Years rr_AverageAnnualReturnYear10 2.37%
Since Inception rr_AverageAnnualReturnSinceInception 3.54%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 14, 1994
Ohio Tax Exempt Series | Return After Taxes on Distributions and Sale of Series Shares | Ohio Tax Exempt Series  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.58%
5 Years rr_AverageAnnualReturnYear05 0.53%
10 Years rr_AverageAnnualReturnYear10 2.34%
Since Inception rr_AverageAnnualReturnSinceInception 3.50%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 14, 1994
Ohio Tax Exempt Series | ICE BofA Merrill Lynch 1-12 Year Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.20%
5 Years rr_AverageAnnualReturnYear05 1.93%
10 Years rr_AverageAnnualReturnYear10 3.52%
Since Inception rr_AverageAnnualReturnSinceInception 4.49%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 14, 1994
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratio in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
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Real Estate Series
Real Estate Series

Summary Section
Investment Goal
The Series’ investment objective is to provide high current income and long-term capital appreciation by investing principally in companies in the real estate industry.
Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
REAL ESTATE SERIES

Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Real Estate Series - USD ($)
CLASS I
CLASS S
Shareholder Fees (fees paid directly from your investment) none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Real Estate Series
CLASS I
CLASS S
Management Fees 0.75% 0.75%
Distribution (12b-1) Fees none none
Other Expenses 0.10% 0.35%
Shareholder Services Fee none 0.25%
Remainder of Other Expenses 0.10% 0.10%
Total Annual Fund Operating Expenses [1] 0.85% 1.10%
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Example
The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Real Estate Series - USD ($)
AFTER 1 YEAR
AFTER 3 YEARS
AFTER 5 YEARS
AFTER 10 YEARS
CLASS I 87 271 471 1,049
CLASS S 112 350 606 1,340
Portfolio Turnover
The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 42% of the average value of its portfolio.
Principal Investment Strategies
The Series will invest, under normal circumstances, at least 80% of its net assets in securities of companies that are principally engaged in the real estate industry. These companies include those directly engaged in the real estate industry as well as in industries serving and/or related to the real estate industry. A company will be considered eligible for investment if, as determined by the Advisor, (i) at least 50% of its assets, revenues or net income is derived from the ownership, leasing, construction, management, development, financing or sale of residential, commercial or industrial real estate or (ii) it has at least 50% of the value of its assets invested in residential, commercial or industrial real estate. Examples of companies in which the Series may invest include those in the following areas: real estate investment trusts (REITs), real estate operating companies (REOCs), real estate developers and brokers, building suppliers, and mortgage lenders.

The Series may invest in common stocks, convertible securities and other equity securities, principally ETFs (defined below), as well as derivative instruments, principally options (as described below). It may invest in securities issued as part of, or a short period after, a company’s initial public offering (IPO).

The Series may invest in common stocks of foreign companies, including companies located in emerging market countries. The Series may also invest in American Depository Receipts (ADRs) and other U.S. dollar denominated securities of foreign issuers. The Series may invest in securities of small-, large-, or mid-size companies.

The Series may also invest in debt securities. The Series’ investment in debt securities is subject to a limit of 20% of the Series’ assets (measured at the time of purchase). The Series will typically invest in investment grade debt securities, those securities rated BBB- or above by S&P or Baa3 or above by Moody’s (or determined to be of equivalent quality by the Advisor); however, the Series may invest up to 5% of its assets (measured at the time of purchase) in below investment grade debt securities (junk bonds), those rated below BBB- by S&P and those rated below Baa3 by Moody’s (or determined to be of equivalent quality by the Advisor). The Series’ investments in debt securities are not subject to any restrictions on maturity or duration.

When the Advisor wishes to sell a security at a specified price, it may seek to generate additional gains for the Series by writing (selling) options on the underlying security.

The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series’ portfolio more efficiently than would otherwise be possible.

The Advisor uses a “bottom-up” strategy, focusing on individual security selection. The Advisor analyzes factors such as the management, financial condition, and market position of individual companies to select companies in the real estate industry that it believes will make attractive long-term investments. The Advisor looks for one or more of the following characteristics:
  • Strong strategic profiles (e.g., strong market position, benefits from technology, market share gains in a mature market and high barriers to entry).
  • Companies well-positioned to benefit from an anticipated upturn in an industry sub-sector due to sharply reduced competition and improving demand.
  • Companies trading at very low valuations relative to fundamental or break-up value.
The Advisor will consider selling a security if:
  • it no longer fits the Series' investment strategies or valuation discipline;
  • it has reached the Advisor's target sell price; or
  • a more attractive investment opportunity is identified.
Principal Risks of Investing in the Series
As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in stocks, the value of your investment will fluctuate in response to stock market movements. This means that you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign stock or bond markets decline.
  • An adverse event, such as an unfavorable earnings report, depresses the value of one or more of the Series’ portfolio holdings.
Real estate investment risk — The Series’ concentration in securities of issuers in the real estate industry, including its investments in REITs and REOCs (together, real estate companies, or RECs), may subject it to additional risks even though the Series does not invest directly in real estate. These risks include, but are not limited to, the following: fluctuations in the value of real estate properties and interest rates, defaults by borrowers or tenants, extended vacancies and declining rents, a lack of ability to obtain mortgage financing or other limits to accessing the credit or capital markets, increased competition and overbuilding and increases in real estate or operating taxes. Any geographic concentration of the Series’ real estate related investments could result in the Series being subject to the above risks to a greater degree.

The value of a REIT or REOC can depend on its legal structure and cash flow generation. While RECs raise equity and debt capital through the private and public markets, RECs are neither mutual funds, nor hedge funds, nor private equity funds. Much as other operating companies, RECs incur operating expenses necessary to manage and maintain properties. Investing in the Series will result in absorbing duplicate levels of fees for the Series’ investments in RECs. In addition, REITs are subject to certain federal tax laws and if the REIT fails to qualify for such tax treatment, significant adverse consequences could occur for any such REIT investment. For example, a qualified REIT may be adversely affected by its failure to qualify for tax-free pass through of income.

Large-cap risk — Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments — small-cap stocks, for instance — the Series' performance could be reduced to the extent its portfolio is holding large-cap stocks.

Small- and mid-cap risk — The Series may also have special risks due to its investments in stocks of small- and mid-size companies. These risks include the following:
  • The stocks of small- and mid-size companies may be subject to more abrupt or erratic market movements than the stocks of larger companies.
  • The stocks of small- and mid-size companies may be subject to liquidity risk because such stocks may have lower trading volume and be less marketable than the stocks of larger companies. Liquidity risk is further described below.
  • Small- and mid-size companies may have limited product lines, markets, or financial resources, and they may depend on a small management group. As a result, they fail more often than larger companies.
Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign common stocks may, at times, move in a different direction than the prices of U.S. stocks. The Series’ investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar.

Emerging markets risk — The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series’ investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
Options risk – Options, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of an option contract may not correlate perfectly with the underlying investment. Investments in options are also subject to liquidity risk, which is described below.

Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Risk of initial public offerings — The Series may purchase shares issued as part of, or a short period after, a company’s initial public offering (IPO), and may at times dispose of those shares shortly after their acquisition. The Series’ purchase of shares issued in IPOs exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. The market for IPO issuers has been volatile, and share prices of newly-public companies have fluctuated significantly over short periods of time.

Fixed income risk — Because the Series may invest in fixed income securities, you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • Interest rates go up, which will make bond prices go down and reduce the value of the bonds held in the Series’ portfolio.
  • The issuer of a fixed income security owned by the Series defaults on its obligation to pay principal and/or interest or has its credit rating downgraded.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series' liquidity or force the Series to sell securities into a declining or illiquid market.

High-yield securities risk — The Series is subject to additional risks due to its ability to invest in high-yield securities (junk bonds):
  • High-yield securities may underperform other sectors of the bond market, or the bond market as a whole.
  • The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market.
  • Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities.
  • The Series’ investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.
Convertible securities risk — The Series’ investments in convertible securities are subject to interest rate risk and credit risk, similar to fixed income securities. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Summary of Past Performance
The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each full calendar year since its inception. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index. The Series’ Class I shares commenced operations on August 1, 2012, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series’ Class S shares. Because Class I shares of the Series invest in the same portfolio of securities, returns for the Class I shares will be substantially similar to those of the Class S shares. Performance will be different only to the extent that the Class I shares have lower expenses. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Calendar Years Ended December 31
Bar Chart
Quarterly Returns
Highest (quarter ended 12/31/11): 15.15%
Lowest (quarter ended 09/30/11): (15.29)%
AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Average Annual Total Returns - Real Estate Series
1 Year
5 Years
Since Inception
Inception Date
Class S Shares 8.66% 9.94% 13.13% Nov. 10, 2009
Class S Shares | Return After Taxes on Distributions 7.01% 7.29% 10.90% Nov. 10, 2009
Class S Shares | Return After Taxes on Distributions and Sale of Series Shares 5.67% 7.12% 10.11% Nov. 10, 2009
Class I Shares 8.85% 10.21% 13.30% Nov. 10, 2009
MSCI US REIT Index (reflects no deduction for fees, expenses, or taxes) 3.74% 7.99% 12.48% Nov. 10, 2009
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 36 R64.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANNING & NAPIER FUND, INC.
Prospectus Date rr_ProspectusDate May 01, 2018
Real Estate Series  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Real Estate Series

Summary Section
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Series’ investment objective is to provide high current income and long-term capital appreciation by investing principally in companies in the real estate industry.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption REAL ESTATE SERIES

Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 42% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 42.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Series will invest, under normal circumstances, at least 80% of its net assets in securities of companies that are principally engaged in the real estate industry. These companies include those directly engaged in the real estate industry as well as in industries serving and/or related to the real estate industry. A company will be considered eligible for investment if, as determined by the Advisor, (i) at least 50% of its assets, revenues or net income is derived from the ownership, leasing, construction, management, development, financing or sale of residential, commercial or industrial real estate or (ii) it has at least 50% of the value of its assets invested in residential, commercial or industrial real estate. Examples of companies in which the Series may invest include those in the following areas: real estate investment trusts (REITs), real estate operating companies (REOCs), real estate developers and brokers, building suppliers, and mortgage lenders.

The Series may invest in common stocks, convertible securities and other equity securities, principally ETFs (defined below), as well as derivative instruments, principally options (as described below). It may invest in securities issued as part of, or a short period after, a company’s initial public offering (IPO).

The Series may invest in common stocks of foreign companies, including companies located in emerging market countries. The Series may also invest in American Depository Receipts (ADRs) and other U.S. dollar denominated securities of foreign issuers. The Series may invest in securities of small-, large-, or mid-size companies.

The Series may also invest in debt securities. The Series’ investment in debt securities is subject to a limit of 20% of the Series’ assets (measured at the time of purchase). The Series will typically invest in investment grade debt securities, those securities rated BBB- or above by S&P or Baa3 or above by Moody’s (or determined to be of equivalent quality by the Advisor); however, the Series may invest up to 5% of its assets (measured at the time of purchase) in below investment grade debt securities (junk bonds), those rated below BBB- by S&P and those rated below Baa3 by Moody’s (or determined to be of equivalent quality by the Advisor). The Series’ investments in debt securities are not subject to any restrictions on maturity or duration.

When the Advisor wishes to sell a security at a specified price, it may seek to generate additional gains for the Series by writing (selling) options on the underlying security.

The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series’ portfolio more efficiently than would otherwise be possible.

The Advisor uses a “bottom-up” strategy, focusing on individual security selection. The Advisor analyzes factors such as the management, financial condition, and market position of individual companies to select companies in the real estate industry that it believes will make attractive long-term investments. The Advisor looks for one or more of the following characteristics:
  • Strong strategic profiles (e.g., strong market position, benefits from technology, market share gains in a mature market and high barriers to entry).
  • Companies well-positioned to benefit from an anticipated upturn in an industry sub-sector due to sharply reduced competition and improving demand.
  • Companies trading at very low valuations relative to fundamental or break-up value.
The Advisor will consider selling a security if:
  • it no longer fits the Series' investment strategies or valuation discipline;
  • it has reached the Advisor's target sell price; or
  • a more attractive investment opportunity is identified.
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration The Series will invest, under normal circumstances, at least 80% of its net assets in securities of companies that are principally engaged in the real estate industry.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Series
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in stocks, the value of your investment will fluctuate in response to stock market movements. This means that you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign stock or bond markets decline.
  • An adverse event, such as an unfavorable earnings report, depresses the value of one or more of the Series’ portfolio holdings.
Real estate investment risk — The Series’ concentration in securities of issuers in the real estate industry, including its investments in REITs and REOCs (together, real estate companies, or RECs), may subject it to additional risks even though the Series does not invest directly in real estate. These risks include, but are not limited to, the following: fluctuations in the value of real estate properties and interest rates, defaults by borrowers or tenants, extended vacancies and declining rents, a lack of ability to obtain mortgage financing or other limits to accessing the credit or capital markets, increased competition and overbuilding and increases in real estate or operating taxes. Any geographic concentration of the Series’ real estate related investments could result in the Series being subject to the above risks to a greater degree.

The value of a REIT or REOC can depend on its legal structure and cash flow generation. While RECs raise equity and debt capital through the private and public markets, RECs are neither mutual funds, nor hedge funds, nor private equity funds. Much as other operating companies, RECs incur operating expenses necessary to manage and maintain properties. Investing in the Series will result in absorbing duplicate levels of fees for the Series’ investments in RECs. In addition, REITs are subject to certain federal tax laws and if the REIT fails to qualify for such tax treatment, significant adverse consequences could occur for any such REIT investment. For example, a qualified REIT may be adversely affected by its failure to qualify for tax-free pass through of income.

Large-cap risk — Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments — small-cap stocks, for instance — the Series' performance could be reduced to the extent its portfolio is holding large-cap stocks.

Small- and mid-cap risk — The Series may also have special risks due to its investments in stocks of small- and mid-size companies. These risks include the following:
  • The stocks of small- and mid-size companies may be subject to more abrupt or erratic market movements than the stocks of larger companies.
  • The stocks of small- and mid-size companies may be subject to liquidity risk because such stocks may have lower trading volume and be less marketable than the stocks of larger companies. Liquidity risk is further described below.
  • Small- and mid-size companies may have limited product lines, markets, or financial resources, and they may depend on a small management group. As a result, they fail more often than larger companies.
Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign common stocks may, at times, move in a different direction than the prices of U.S. stocks. The Series’ investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar.

Emerging markets risk — The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series’ investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
Options risk – Options, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of an option contract may not correlate perfectly with the underlying investment. Investments in options are also subject to liquidity risk, which is described below.

Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Risk of initial public offerings — The Series may purchase shares issued as part of, or a short period after, a company’s initial public offering (IPO), and may at times dispose of those shares shortly after their acquisition. The Series’ purchase of shares issued in IPOs exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. The market for IPO issuers has been volatile, and share prices of newly-public companies have fluctuated significantly over short periods of time.

Fixed income risk — Because the Series may invest in fixed income securities, you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • Interest rates go up, which will make bond prices go down and reduce the value of the bonds held in the Series’ portfolio.
  • The issuer of a fixed income security owned by the Series defaults on its obligation to pay principal and/or interest or has its credit rating downgraded.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series' liquidity or force the Series to sell securities into a declining or illiquid market.

High-yield securities risk — The Series is subject to additional risks due to its ability to invest in high-yield securities (junk bonds):
  • High-yield securities may underperform other sectors of the bond market, or the bond market as a whole.
  • The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market.
  • Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities.
  • The Series’ investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.
Convertible securities risk — The Series’ investments in convertible securities are subject to interest rate risk and credit risk, similar to fixed income securities. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Series.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Summary of Past Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each full calendar year since its inception. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index. The Series’ Class I shares commenced operations on August 1, 2012, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series’ Class S shares. Because Class I shares of the Series invest in the same portfolio of securities, returns for the Class I shares will be substantially similar to those of the Class S shares. Performance will be different only to the extent that the Class I shares have lower expenses. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each full calendar year since its inception. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.manning-napier.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Years Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Quarterly Returns
Highest (quarter ended 12/31/11): 15.15%
Lowest (quarter ended 09/30/11): (15.29)%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown The after-tax figures are shown for one share class only, and would be different for the other share class.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Real Estate Series | CLASS I  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets none
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.10%
Other Expenses rr_OtherExpensesOverAssets 0.10%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.85% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 87
AFTER 3 YEARS rr_ExpenseExampleYear03 271
AFTER 5 YEARS rr_ExpenseExampleYear05 471
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 1,049
1 Year rr_AverageAnnualReturnYear01 8.85%
5 Years rr_AverageAnnualReturnYear05 10.21%
Since Inception rr_AverageAnnualReturnSinceInception 13.30%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 10, 2009
Real Estate Series | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets 0.25%
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.10%
Other Expenses rr_OtherExpensesOverAssets 0.35%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.10% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 112
AFTER 3 YEARS rr_ExpenseExampleYear03 350
AFTER 5 YEARS rr_ExpenseExampleYear05 606
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 1,340
2010 rr_AnnualReturn2010 24.40%
2011 rr_AnnualReturn2011 5.29%
2012 rr_AnnualReturn2012 21.93%
2013 rr_AnnualReturn2013 2.67%
2014 rr_AnnualReturn2014 28.14%
2015 rr_AnnualReturn2015 4.14%
2016 rr_AnnualReturn2016 7.91%
2017 rr_AnnualReturn2017 8.66%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.15%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (15.29%)
1 Year rr_AverageAnnualReturnYear01 8.66%
5 Years rr_AverageAnnualReturnYear05 9.94%
Since Inception rr_AverageAnnualReturnSinceInception 13.13%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 10, 2009
Real Estate Series | Return After Taxes on Distributions | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.01%
5 Years rr_AverageAnnualReturnYear05 7.29%
Since Inception rr_AverageAnnualReturnSinceInception 10.90%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 10, 2009
Real Estate Series | Return After Taxes on Distributions and Sale of Series Shares | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.67%
5 Years rr_AverageAnnualReturnYear05 7.12%
Since Inception rr_AverageAnnualReturnSinceInception 10.11%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 10, 2009
Real Estate Series | MSCI US REIT Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.74%
5 Years rr_AverageAnnualReturnYear05 7.99%
Since Inception rr_AverageAnnualReturnSinceInception 12.48%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 10, 2009
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
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Unconstrained Bond Series
Unconstrained Bond Series

Summary Section
Investment Goal
The Series’ primary investment objective is to provide long-term total return,
and its secondary objective is to provide preservation of capital.
Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
UNCONSTRAINED BOND SERIES

Shareholder Fees (paid
directly from your investment)
Shareholder Fees - Unconstrained Bond Series - USD ($)
CLASS I
CLASS S
Shareholder Fees (paid directly from your investment) none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Unconstrained Bond Series
CLASS I
CLASS S
Management Fees 0.45% 0.45%
Distribution and Service (12b-1) Fees none none
Other Expenses 0.05% 0.30%
Shareholder Services Fee none 0.25%
Remainder of Other Expenses 0.05% 0.05%
Total Annual Fund Operating Expenses [1] 0.50% 0.75%
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Example
The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Unconstrained Bond Series - USD ($)
AFTER 1 YEAR
AFTER 3 YEARS
AFTER 5 YEARS
AFTER 10 YEARS
CLASS I 51 160 280 628
CLASS S 77 240 417 930
Portfolio Turnover
The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 62% of the average value of its portfolio.
Principal Investment Strategies
The Series will invest, under normal circumstances, at least 80% of its net assets in bonds and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to bonds. For purposes of this policy, bonds may include fixed income securities issued by U.S. and foreign corporations and governments, inflation protected securities, pass-through securities, and mortgage dollar rolls, which are transactions in which the Series sells a mortgage-backed security and simultaneously contracts to purchase similar securities on a specified future date at a predetermined price. The corporate bonds may be issued by domestic corporations, foreign entities (e.g., yankee bonds), and/or supranational entities, such as the World Bank. Pass-through securities are generally issued by domestic entities (such as GNMA, FNMA, and FHLMC) and entitle the holders to a pro rata share of the cash flows generated by the instruments underlying the security (mortgages, credit card receivables, car loans, etc.).

The Series may invest up to 50% of its assets in below investment grade securities (also referred to as “high yield bonds” or “junk bonds”) and may invest up to 50% of its assets in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. The Series may invest portions of its assets in bank loans, which are, generally, non-investment grade floating rate investments, and preferred stock.

The Series may invest in interest rate futures (and options thereon) and interest rate swaps to manage its interest rate exposure, and may invest in credit default swaps and total return swaps to manage its exposure to certain instruments or markets. The Series may, but is not required to, invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.

The Series may purchase shares of ETFs, including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series’ portfolio more efficiently than would otherwise be possible.

The Series employs an absolute return investment approach, which means that it seeks to achieve a positive total return in diverse market environments over time. Accordingly, the Series invests across the fixed income universe, and it is not constrained by any particular fixed income asset classes or benchmarks.

Bond Selection Process — When investing in corporate and pass-through securities, the Advisor attempts to identify sectors, as well as individual securities within those sectors, that offer yields and credit/prepayment spreads sufficient to compensate the Series for the risks specific to a given sector or security. Credit spreads are a measure of the difference between corporate bonds’ yields to maturity and those of U.S. Treasury securities with similar maturities; this difference compensates investors for the credit risk inherent in corporate bonds. Prepayment spreads quantify the additional yield paid by mortgage-backed bonds relative to U.S. Treasury securities to compensate investors for the risk that mortgage-backed securities’ prepayments will vary over time.

In analyzing the relative attractiveness of sectors and/or individual securities, the Advisor considers:
  • The relevant economic conditions and sector trends.
  • The interest rate sensitivities of the particular sectors and securities.
  • The yield differentials across sectors, credit qualities, pass-through security types, and maturities.
  • “Bottom-up” factors such as issuer-specific credit metrics for corporate bonds and coupon, prepayment, and convexity components (which reflect changing interest rate sensitivities) of pass-through securities.
Maturity and Portfolio Duration — The Series is not subject to any maturity or duration restrictions but the average dollar-weighted portfolio duration of the Series will normally vary from negative 3 years to positive 8 years depending on the Advisor’s outlook for yields. For example, the Advisor may invest in positive duration fixed income securities when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in negative duration fixed income securities when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in yields. The prices of fixed income securities with shorter positive or negative durations generally will be less affected by changes in yields than the prices of fixed income securities with longer positive or negative durations. For example, a positive 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%. Conversely, a negative 10 year duration means the fixed income security will increase in value by 10% if yields rise 1% and decrease in value by 10% if yields fall 1%.

Credit Quality — The Series may invest in investment grade securities, those securities rated BBB- or above by S&P or Baa3 or above by Moody’s (or determined to be of equivalent quality by the Advisor) and may invest up to 50% of its assets in below investment grade securities, those rated below BBB- by S&P and those rated below Baa3 by Moody’s (or determined to be of equivalent quality by the Advisor). The Series may invest in securities with any rating, including those that have defaulted, are not rated, or have had their rating withdrawn.

Securities issued by governments and supranational entities may be sold to adjust the Series' duration and/or yield curve positioning.

Other securities may be sold for one or more of the following reasons:
  • they no longer meet the selection criteria under which they were purchased;
  • their relative value has declined (the spread has tightened such that they are no longer considered attractively priced);
  • a more attractive investment opportunity is identified.
Securities may also be sold based on the Advisor's macroeconomic assessment of countries and currencies.

There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.
Principal Risks of Investing in the Series
As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates, credit spreads, and prepayment spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign bond markets decline.
  • The issuer of a corporate bond owned by the Series defaults on its obligation to pay principal and/or interest or has its credit rating downgraded; this risk is greater for junk bonds and other lower quality bonds.
  • Interest rates rise, credit spreads widen, and/or prepayment spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series’ portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.
  • Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series’ liquidity or force the Series to sell securities into a declining or illiquid market.

Risk of mortgage dollar rolls — The Series' mortgage dollar rolls could lose money if the price of the mortgage-backed securities sold falls below the agreed upon repurchase price, or if the counterparty is unable to honor the agreement.

High-yield securities risk — The Series is subject to additional risks due its ability to invest in high-yield securities (junk bonds):
  • High-yield securities may underperform other sectors of the bond market, or the market as a whole.
  • The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market.
  • Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities.
  • The Series’ investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.
Bank loan risk — Investments in bank loans expose the Series to the credit risk of both the financial institution and the underlying borrower. The Series may also have difficulty valuing or disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

Preferred stock risk — Preferred stocks are sensitive to interest rate changes, and are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of a Series’ investment. The rights of preferred stocks on the distribution of a corporation’s assets in the event of a liquidation are generally subordinate to the rights associated with a corporation’s debt securities. Preferred stock may also be subject to prepayment risk similar to fixed income securities.

Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States. The Series’ investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar. The Advisor's attempt to manage the currency risk described above may not accurately predict movements in currency exchange rates, which could cause the Series to sustain losses.

Emerging markets risk — The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series’ investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
Derivatives risk — The Series is subject to the following risks due to its ability to invest in options, futures, forwards and swaps:
  • Derivatives can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a derivative contract may not correlate perfectly with the underlying investment.
  • The Series may not be able to receive amounts payable to it under its derivatives contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series’ investments in such contracts may not be as liquid as the Series’ other investments.
  • The Series’ use of forwards and swaps is also subject to the risk that the counterparty to the contract will default or otherwise become unable to honor its obligation to the Series.
Mortgage- and asset-backed securities risks — The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:
  • Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.
  • Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.
Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Inflation protected security risk — The value of inflation protected fixed income securities, including Treasury Inflation Protected Securities (TIPS), generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Summary of Past Performance
The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Class S shares and Class I shares of the Series for different periods compare to those of two broad-based securities indices. The Series’ Class I shares commenced operations on August 1, 2013, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series’ Class S shares. Because the Class I shares of the Series invest in the same portfolio of securities, returns for the Class I shares will be substantially similar to those of the Class S shares. Performance will be different only to the extent that the Class I shares have lower expenses. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Calendar Years Ended December 31
Bar Chart
Quarterly Returns
Highest (quarter ended 09/30/09): 7.48%
Lowest (quarter ended 09/30/08): (3.42)%
AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Average Annual Total Returns - Unconstrained Bond Series
1 Year
5 Years
10 Years
Since Inception
[1]
Inception Date
Class S Shares 3.19% 1.89% 5.01% 4.73% Apr. 21, 2005
Class S Shares | Return After Taxes on Distributions 2.18% 0.55% 3.41% 3.20% Apr. 21, 2005
Class S Shares | Return After Taxes on Distributions and Sale of Series Shares 1.80% 0.91% 3.35% 3.15% Apr. 21, 2005
Class I Shares 3.52% 2.10% 5.12% 4.81% Apr. 21, 2005
Citigroup 3-Month T-Bill Index (reflect no deduction for fees, expenses, or taxes) 0.84% 0.24% 0.34% 1.18% Apr. 30, 2005
Bloomberg Barclays U.S. Aggregate Bond Index (reflect no deduction for fees, expenses, or taxes) 3.54% 2.10% 4.01% 4.20% Apr. 21, 2005
[1] Performance numbers for the Series and the Bloomberg Barclays U.S. Aggregate Bond Index are calculated from April 21, 2005, the inception date of the Series' Class S shares. Performance numbers for the Citigroup 3-Month T-Bill Index are calculated from April 30, 2005.
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 39 R71.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANNING & NAPIER FUND, INC.
Prospectus Date rr_ProspectusDate May 01, 2018
Unconstrained Bond Series  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Unconstrained Bond Series

Summary Section
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Series’ primary investment objective is to provide long-term total return,
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock and its secondary objective is to provide preservation of capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption UNCONSTRAINED BOND SERIES

Shareholder Fees (paid
directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 62% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 62.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Series will invest, under normal circumstances, at least 80% of its net assets in bonds and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to bonds. For purposes of this policy, bonds may include fixed income securities issued by U.S. and foreign corporations and governments, inflation protected securities, pass-through securities, and mortgage dollar rolls, which are transactions in which the Series sells a mortgage-backed security and simultaneously contracts to purchase similar securities on a specified future date at a predetermined price. The corporate bonds may be issued by domestic corporations, foreign entities (e.g., yankee bonds), and/or supranational entities, such as the World Bank. Pass-through securities are generally issued by domestic entities (such as GNMA, FNMA, and FHLMC) and entitle the holders to a pro rata share of the cash flows generated by the instruments underlying the security (mortgages, credit card receivables, car loans, etc.).

The Series may invest up to 50% of its assets in below investment grade securities (also referred to as “high yield bonds” or “junk bonds”) and may invest up to 50% of its assets in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. The Series may invest portions of its assets in bank loans, which are, generally, non-investment grade floating rate investments, and preferred stock.

The Series may invest in interest rate futures (and options thereon) and interest rate swaps to manage its interest rate exposure, and may invest in credit default swaps and total return swaps to manage its exposure to certain instruments or markets. The Series may, but is not required to, invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.

The Series may purchase shares of ETFs, including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series’ portfolio more efficiently than would otherwise be possible.

The Series employs an absolute return investment approach, which means that it seeks to achieve a positive total return in diverse market environments over time. Accordingly, the Series invests across the fixed income universe, and it is not constrained by any particular fixed income asset classes or benchmarks.

Bond Selection Process — When investing in corporate and pass-through securities, the Advisor attempts to identify sectors, as well as individual securities within those sectors, that offer yields and credit/prepayment spreads sufficient to compensate the Series for the risks specific to a given sector or security. Credit spreads are a measure of the difference between corporate bonds’ yields to maturity and those of U.S. Treasury securities with similar maturities; this difference compensates investors for the credit risk inherent in corporate bonds. Prepayment spreads quantify the additional yield paid by mortgage-backed bonds relative to U.S. Treasury securities to compensate investors for the risk that mortgage-backed securities’ prepayments will vary over time.

In analyzing the relative attractiveness of sectors and/or individual securities, the Advisor considers:
  • The relevant economic conditions and sector trends.
  • The interest rate sensitivities of the particular sectors and securities.
  • The yield differentials across sectors, credit qualities, pass-through security types, and maturities.
  • “Bottom-up” factors such as issuer-specific credit metrics for corporate bonds and coupon, prepayment, and convexity components (which reflect changing interest rate sensitivities) of pass-through securities.
Maturity and Portfolio Duration — The Series is not subject to any maturity or duration restrictions but the average dollar-weighted portfolio duration of the Series will normally vary from negative 3 years to positive 8 years depending on the Advisor’s outlook for yields. For example, the Advisor may invest in positive duration fixed income securities when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in negative duration fixed income securities when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in yields. The prices of fixed income securities with shorter positive or negative durations generally will be less affected by changes in yields than the prices of fixed income securities with longer positive or negative durations. For example, a positive 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%. Conversely, a negative 10 year duration means the fixed income security will increase in value by 10% if yields rise 1% and decrease in value by 10% if yields fall 1%.

Credit Quality — The Series may invest in investment grade securities, those securities rated BBB- or above by S&P or Baa3 or above by Moody’s (or determined to be of equivalent quality by the Advisor) and may invest up to 50% of its assets in below investment grade securities, those rated below BBB- by S&P and those rated below Baa3 by Moody’s (or determined to be of equivalent quality by the Advisor). The Series may invest in securities with any rating, including those that have defaulted, are not rated, or have had their rating withdrawn.

Securities issued by governments and supranational entities may be sold to adjust the Series' duration and/or yield curve positioning.

Other securities may be sold for one or more of the following reasons:
  • they no longer meet the selection criteria under which they were purchased;
  • their relative value has declined (the spread has tightened such that they are no longer considered attractively priced);
  • a more attractive investment opportunity is identified.
Securities may also be sold based on the Advisor's macroeconomic assessment of countries and currencies.

There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Series
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in bonds, the value of your investment will fluctuate in response to changes in interest rates, credit spreads, and prepayment spreads, even though such changes will not affect the interest income derived from portfolio securities. You could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign bond markets decline.
  • The issuer of a corporate bond owned by the Series defaults on its obligation to pay principal and/or interest or has its credit rating downgraded; this risk is greater for junk bonds and other lower quality bonds.
  • Interest rates rise, credit spreads widen, and/or prepayment spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series’ portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.
  • Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.
Current market conditions may pose heightened risks for the Series. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series’ liquidity or force the Series to sell securities into a declining or illiquid market.

Risk of mortgage dollar rolls — The Series' mortgage dollar rolls could lose money if the price of the mortgage-backed securities sold falls below the agreed upon repurchase price, or if the counterparty is unable to honor the agreement.

High-yield securities risk — The Series is subject to additional risks due its ability to invest in high-yield securities (junk bonds):
  • High-yield securities may underperform other sectors of the bond market, or the market as a whole.
  • The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market.
  • Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities.
  • The Series’ investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.
Bank loan risk — Investments in bank loans expose the Series to the credit risk of both the financial institution and the underlying borrower. The Series may also have difficulty valuing or disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

Preferred stock risk — Preferred stocks are sensitive to interest rate changes, and are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of a Series’ investment. The rights of preferred stocks on the distribution of a corporation’s assets in the event of a liquidation are generally subordinate to the rights associated with a corporation’s debt securities. Preferred stock may also be subject to prepayment risk similar to fixed income securities.

Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States. The Series’ investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar. The Advisor's attempt to manage the currency risk described above may not accurately predict movements in currency exchange rates, which could cause the Series to sustain losses.

Emerging markets risk — The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series’ investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
Derivatives risk — The Series is subject to the following risks due to its ability to invest in options, futures, forwards and swaps:
  • Derivatives can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a derivative contract may not correlate perfectly with the underlying investment.
  • The Series may not be able to receive amounts payable to it under its derivatives contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series’ investments in such contracts may not be as liquid as the Series’ other investments.
  • The Series’ use of forwards and swaps is also subject to the risk that the counterparty to the contract will default or otherwise become unable to honor its obligation to the Series.
Mortgage- and asset-backed securities risks — The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:
  • Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.
  • Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.
Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Inflation protected security risk — The value of inflation protected fixed income securities, including Treasury Inflation Protected Securities (TIPS), generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Series.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Summary of Past Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Class S shares and Class I shares of the Series for different periods compare to those of two broad-based securities indices. The Series’ Class I shares commenced operations on August 1, 2013, and all performance below for the periods prior to that date reflect the performance and average annual total returns of the Series’ Class S shares. Because the Class I shares of the Series invest in the same portfolio of securities, returns for the Class I shares will be substantially similar to those of the Class S shares. Performance will be different only to the extent that the Class I shares have lower expenses. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class S shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Class S shares and Class I shares of the Series for different periods compare to those of two broad-based securities indices.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.manning-napier.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Years Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Quarterly Returns
Highest (quarter ended 09/30/09): 7.48%
Lowest (quarter ended 09/30/08): (3.42)%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown The after-tax figures are shown for one share class only, and would be different for the other share class.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Unconstrained Bond Series | CLASS I  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.45%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets none
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.05%
Other Expenses rr_OtherExpensesOverAssets 0.05%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.50% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 51
AFTER 3 YEARS rr_ExpenseExampleYear03 160
AFTER 5 YEARS rr_ExpenseExampleYear05 280
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 628
1 Year rr_AverageAnnualReturnYear01 3.52%
5 Years rr_AverageAnnualReturnYear05 2.10%
10 Years rr_AverageAnnualReturnYear10 5.12%
Since Inception rr_AverageAnnualReturnSinceInception 4.81% [2]
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2005
Unconstrained Bond Series | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.45%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets 0.25%
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.05%
Other Expenses rr_OtherExpensesOverAssets 0.30%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.75% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 77
AFTER 3 YEARS rr_ExpenseExampleYear03 240
AFTER 5 YEARS rr_ExpenseExampleYear05 417
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 930
2008 rr_AnnualReturn2008 1.24%
2009 rr_AnnualReturn2009 14.35%
2010 rr_AnnualReturn2010 10.18%
2011 rr_AnnualReturn2011 4.91%
2012 rr_AnnualReturn2012 10.94%
2013 rr_AnnualReturn2013 (0.02%)
2014 rr_AnnualReturn2014 3.18%
2015 rr_AnnualReturn2015 (0.88%)
2016 rr_AnnualReturn2016 4.08%
2017 rr_AnnualReturn2017 3.19%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.48%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.42%)
1 Year rr_AverageAnnualReturnYear01 3.19%
5 Years rr_AverageAnnualReturnYear05 1.89%
10 Years rr_AverageAnnualReturnYear10 5.01%
Since Inception rr_AverageAnnualReturnSinceInception 4.73% [2]
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2005
Unconstrained Bond Series | Return After Taxes on Distributions | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.18%
5 Years rr_AverageAnnualReturnYear05 0.55%
10 Years rr_AverageAnnualReturnYear10 3.41%
Since Inception rr_AverageAnnualReturnSinceInception 3.20% [2]
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2005
Unconstrained Bond Series | Return After Taxes on Distributions and Sale of Series Shares | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.80%
5 Years rr_AverageAnnualReturnYear05 0.91%
10 Years rr_AverageAnnualReturnYear10 3.35%
Since Inception rr_AverageAnnualReturnSinceInception 3.15% [2]
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2005
Unconstrained Bond Series | Citigroup 3-Month T-Bill Index (reflect no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.84%
5 Years rr_AverageAnnualReturnYear05 0.24%
10 Years rr_AverageAnnualReturnYear10 0.34%
Since Inception rr_AverageAnnualReturnSinceInception 1.18% [2]
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 30, 2005
Unconstrained Bond Series | Bloomberg Barclays U.S. Aggregate Bond Index (reflect no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.54%
5 Years rr_AverageAnnualReturnYear05 2.10%
10 Years rr_AverageAnnualReturnYear10 4.01%
Since Inception rr_AverageAnnualReturnSinceInception 4.20% [2]
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2005
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
[2] Performance numbers for the Series and the Bloomberg Barclays U.S. Aggregate Bond Index are calculated from April 21, 2005, the inception date of the Series' Class S shares. Performance numbers for the Citigroup 3-Month T-Bill Index are calculated from April 30, 2005.
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World Opportunities Series
World Opportunities Series

Summary Section
Investment Goal
The Series’ investment objective is to provide long-term growth by investing principally in the common stocks of companies located around the world.
Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
WORLD OPPORTUNITIES SERIES

Shareholder Fees
(paid directly from your investment)
Shareholder Fees
World Opportunities Series
Class S
USD ($)
Shareholder Fees (paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
World Opportunities Series
Class S
Management Fees 0.75% [1]
Distribution and Service (12b-1) Fees none
Other Expenses 0.44% [2]
Shareholder Services Fee 0.25%
Remainder of Other Expenses 0.19%
Total Annual Fund Operating Expenses 1.19% [3]
Less Fee Waiver and/or Expense Reimbursement (0.09%) [4]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.10% [3]
[1] Management fees have been restated to reflect contractual changes to the management fees paid by the Series.
[2] Other expenses have been restated to reflect the implementation of a 0.25% shareholder services fee.
[3] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
[4] Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of the Series, exclusive of the Series' Shareholder Services Fee, do not exceed 0.85% of the Series' average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit the Series' operating expenses is limited to direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by the Series through its investments in other investment companies.
Example
The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
AFTER 1 YEAR
AFTER 3 YEARS
AFTER 5 YEARS
AFTER 10 YEARS
World Opportunities Series | Class S | USD ($) 112 369 646 1,435
Portfolio Turnover
The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 38% of the average value of its portfolio.
Principal Investment Strategies
The Series invests primarily in common stocks of foreign companies, which may be located both in developed and in emerging markets. The Series may also invest in American Depository Receipts (ADRs) and other U.S. dollar denominated securities of foreign issuers and U.S. stocks. The Series may invest in stocks of small-, large-, or mid-size companies.

The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series’ portfolio more efficiently than would otherwise be possible.

The Series may, but is not required to, undertake hedging activities and may invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.

The Advisor uses a “bottom-up” strategy, focusing on individual security selection to choose stocks from companies around the world.

The Advisor analyzes factors such as the management, financial condition, and market position of individual companies to select companies that it believes will make attractive long-term investments. In selecting individual securities, the Advisor uses fundamental analysis and looks for one or more of the following characteristics:
  • Strong strategic profiles (e.g., strong market position, benefits from technology, market-share gains in a mature market and high barriers to entry).
  • Improving market share in consolidating industries.
  • Low price relative to fundamental or break-up value.
The Advisor will consider selling a security if:
  • it no longer fits the Series' investment strategies or valuation discipline;
  • it has reached the Advisor’s target sell price; or
  • a more attractive investment opportunity is identified.
There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.
Principal Risks of Investing in the Series
As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in stocks, the value of your investment will fluctuate in response to stock market movements. This means that you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign stock markets decline.
  • An adverse event, such as an unfavorable earnings report, depresses the value of one or more of the Series’ portfolio holdings.
Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign common stocks may, at times, move in a different direction than the prices of U.S. stocks. The Series’ investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar. The Advisor’s attempt to manage the currency risk described above may not accurately predict movements in currency exchange rates, which could cause the Series to sustain losses.

Emerging markets risk — The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series’ investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
Large-cap risk — Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments — small-cap stocks, for instance — the Series' performance could be reduced to the extent its portfolio is holding large-cap stocks.

Small- and mid-cap risk — The Series may also have special risks due to its investments in stocks of small- and mid-size companies. These risks include the following:
  • The stocks of small- and mid-size companies may be subject to more abrupt or erratic market movements than the stocks of larger companies.
  • The stocks of small- and mid-size companies may be subject to liquidity risk because such stocks may have lower trading volume and be less marketable than the stocks of larger companies. Liquidity risk is further described below.
  • Small- and mid-size companies may have limited product lines, markets, or financial resources, and they may depend on a small management group. As a result, they fail more often than larger companies.
Forward contracts risk — The Series is subject to the following risks due to its ability to invest in forward contracts:
  • Forwards, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a forward contract may not correlate perfectly with the underlying investment.
  • The Series may not be able to receive amounts payable to it under its forward contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series’ investments in such contracts may not be as liquid as the Series’ other investments.
  • The Series’ use of forwards is also subject to the risk that the counterparty to the forward contract will default or otherwise become unable to honor its obligation to the Series.
Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Summary of Past Performance
The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Calendar Years Ended December 31
Bar Chart
Quarterly Returns
Highest (quarter ended 09/30/09): 24.95%
Lowest (quarter ended 12/31/08): (24.30)%
AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Average Annual Total Returns - World Opportunities Series
1 Year
5 Years
10 Years
Since Inception
[1]
Inception Date
Class S 23.33% 4.93% 1.44% 7.63% Sep. 06, 1996
Class S | Return After Taxes on Distributions 23.22% 4.27% 0.90% 5.37% Sep. 06, 1996
Class S | Return After Taxes on Distributions and Sale of Series Shares 13.59% 3.89% 1.20% 5.40% Sep. 06, 1996
MSCI ACWI ex USA Index (reflects no deduction for fees, expenses, or taxes) 27.19% 6.80% 1.84% 5.54% Sep. 30, 1996
[1] Performance numbers for the Series are calculated from September 6, 1996, the Series' inception date. Performance numbers for the Index are calculated from September 30, 1996.
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
XML 42 R78.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANNING & NAPIER FUND, INC.
Prospectus Date rr_ProspectusDate May 01, 2018
World Opportunities Series  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading World Opportunities Series

Summary Section
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Series’ investment objective is to provide long-term growth by investing principally in the common stocks of companies located around the world.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption WORLD OPPORTUNITIES SERIES

Shareholder Fees
(paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 38% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 38.00%
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Management fees have been restated to reflect contractual changes to the management fees paid by the Series.

Other expenses have been restated to reflect the implementation of a 0.25% shareholder services fee.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Series invests primarily in common stocks of foreign companies, which may be located both in developed and in emerging markets. The Series may also invest in American Depository Receipts (ADRs) and other U.S. dollar denominated securities of foreign issuers and U.S. stocks. The Series may invest in stocks of small-, large-, or mid-size companies.

The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series’ portfolio more efficiently than would otherwise be possible.

The Series may, but is not required to, undertake hedging activities and may invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.

The Advisor uses a “bottom-up” strategy, focusing on individual security selection to choose stocks from companies around the world.

The Advisor analyzes factors such as the management, financial condition, and market position of individual companies to select companies that it believes will make attractive long-term investments. In selecting individual securities, the Advisor uses fundamental analysis and looks for one or more of the following characteristics:
  • Strong strategic profiles (e.g., strong market position, benefits from technology, market-share gains in a mature market and high barriers to entry).
  • Improving market share in consolidating industries.
  • Low price relative to fundamental or break-up value.
The Advisor will consider selling a security if:
  • it no longer fits the Series' investment strategies or valuation discipline;
  • it has reached the Advisor’s target sell price; or
  • a more attractive investment opportunity is identified.
There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Series
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Management risk — The value of your investment may decline if the Advisor’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

Market risk — Because the Series invests in stocks, the value of your investment will fluctuate in response to stock market movements. This means that you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:
  • U.S. and/or foreign stock markets decline.
  • An adverse event, such as an unfavorable earnings report, depresses the value of one or more of the Series’ portfolio holdings.
Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign common stocks may, at times, move in a different direction than the prices of U.S. stocks. The Series’ investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar. The Advisor’s attempt to manage the currency risk described above may not accurately predict movements in currency exchange rates, which could cause the Series to sustain losses.

Emerging markets risk — The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series’ investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
Large-cap risk — Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments — small-cap stocks, for instance — the Series' performance could be reduced to the extent its portfolio is holding large-cap stocks.

Small- and mid-cap risk — The Series may also have special risks due to its investments in stocks of small- and mid-size companies. These risks include the following:
  • The stocks of small- and mid-size companies may be subject to more abrupt or erratic market movements than the stocks of larger companies.
  • The stocks of small- and mid-size companies may be subject to liquidity risk because such stocks may have lower trading volume and be less marketable than the stocks of larger companies. Liquidity risk is further described below.
  • Small- and mid-size companies may have limited product lines, markets, or financial resources, and they may depend on a small management group. As a result, they fail more often than larger companies.
Forward contracts risk — The Series is subject to the following risks due to its ability to invest in forward contracts:
  • Forwards, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a forward contract may not correlate perfectly with the underlying investment.
  • The Series may not be able to receive amounts payable to it under its forward contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series’ investments in such contracts may not be as liquid as the Series’ other investments.
  • The Series’ use of forwards is also subject to the risk that the counterparty to the forward contract will default or otherwise become unable to honor its obligation to the Series.
Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series’ shares. Redemptions by these institutions or individuals in the Series may impact the Series’ liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series’ portfolio turnover rate and transaction costs to rise, which may negatively affect the Series’ performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series’ investments and, consequently, the share price of the Series.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Series.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Summary of Past Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.manning-napier.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Years Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Quarterly Returns
Highest (quarter ended 09/30/09): 24.95%
Lowest (quarter ended 12/31/08): (24.30)%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
World Opportunities Series | Class S  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.75% [1]
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets 0.25%
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.19%
Other Expenses rr_OtherExpensesOverAssets 0.44% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.19% [3]
Less Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.09%) [4]
Total Annual Fund Operating Expenses rr_NetExpensesOverAssets 1.10% [3]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 112
AFTER 3 YEARS rr_ExpenseExampleYear03 369
AFTER 5 YEARS rr_ExpenseExampleYear05 646
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 1,435
2008 rr_AnnualReturn2008 (40.07%)
2009 rr_AnnualReturn2009 39.12%
2010 rr_AnnualReturn2010 9.23%
2011 rr_AnnualReturn2011 (16.14%)
2012 rr_AnnualReturn2012 18.81%
2013 rr_AnnualReturn2013 18.79%
2014 rr_AnnualReturn2014 (9.77%)
2015 rr_AnnualReturn2015 (5.91%)
2016 rr_AnnualReturn2016 2.26%
2017 rr_AnnualReturn2017 23.33%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 24.95%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (24.30%)
1 Year rr_AverageAnnualReturnYear01 23.33%
5 Years rr_AverageAnnualReturnYear05 4.93%
10 Years rr_AverageAnnualReturnYear10 1.44%
Since Inception rr_AverageAnnualReturnSinceInception 7.63% [5]
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 06, 1996
World Opportunities Series | Return After Taxes on Distributions | Class S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 23.22%
5 Years rr_AverageAnnualReturnYear05 4.27%
10 Years rr_AverageAnnualReturnYear10 0.90%
Since Inception rr_AverageAnnualReturnSinceInception 5.37% [5]
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 06, 1996
World Opportunities Series | Return After Taxes on Distributions and Sale of Series Shares | Class S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.59%
5 Years rr_AverageAnnualReturnYear05 3.89%
10 Years rr_AverageAnnualReturnYear10 1.20%
Since Inception rr_AverageAnnualReturnSinceInception 5.40% [5]
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 06, 1996
World Opportunities Series | MSCI ACWI ex USA Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 27.19%
5 Years rr_AverageAnnualReturnYear05 6.80%
10 Years rr_AverageAnnualReturnYear10 1.84%
Since Inception rr_AverageAnnualReturnSinceInception 5.54% [5]
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 1996
[1] Management fees have been restated to reflect contractual changes to the management fees paid by the Series.
[2] Other expenses have been restated to reflect the implementation of a 0.25% shareholder services fee.
[3] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.
[4] Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of the Series, exclusive of the Series' Shareholder Services Fee, do not exceed 0.85% of the Series' average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit the Series' operating expenses is limited to direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by the Series through its investments in other investment companies.
[5] Performance numbers for the Series are calculated from September 6, 1996, the Series' inception date. Performance numbers for the Index are calculated from September 30, 1996.
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Strategic Income Conservative Series
Strategic Income Conservative Series

Summary Section
Investment Goal
The Series’ investment objective is to manage against capital risk and generate income with a
secondary goal of pursuing long-term capital growth.
Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
STRATEGIC INCOME CONSERVATIVE SERIES

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees - Strategic Income Conservative Series - USD ($)
CLASS I
CLASS S
Shareholder Fees (fees paid directly from your investment) none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Strategic Income Conservative Series
CLASS I
CLASS S
Management Fee none none
Distribution (12b-1) Fees none none
Other Expenses 0.51% 0.76%
Shareholder Services Fee none 0.25%
Remainder of Other Expenses 0.51% 0.51%
Acquired Fund Fees and Expenses (AFFE) 0.54% 0.54%
Total Annual Fund Operating Expenses [1] 1.05% 1.30%
Less Fee Waiver and/or Expense Reimbursement [2] (0.46%) (0.46%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [1] 0.59% 0.84%
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in the underlying funds.
[2] Manning & Napier Advisors, LLC (the “Advisor”) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of the shareholder services fee, do not exceed 0.05% of such Class’s average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the prior approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in the underlying funds.
Example
The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same (taking into account the Advisor’s contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Strategic Income Conservative Series - USD ($)
AFTER 1 YEAR
AFTER 3 YEARS
AFTER 5 YEARS
AFTER 10 YEARS
CLASS I 60 288 535 1,241
CLASS S 86 367 669 1,527
Portfolio Turnover
The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 21% of the average value of its portfolio.
Principal Investment Strategies
The Series is designed to generate income, pursue capital growth in order to provide purchasing power protection, and to manage risk. The Series seeks to achieve its investment objective by investing in a combination of other Series of the Manning & Napier Fund, Inc. and advised by the Advisor (the “underlying funds”) according to an asset allocation strategy. The Series may invest in a combination of the Core Bond Series, Disciplined Value Series, Equity Income Series, Global Fixed Income Series, High Yield Bond Series, Real Estate Series, and Unconstrained Bond Series, as well as other Series of the Fund.

As of March 31, 2018, the Series’ target allocation among the underlying funds was as follows:
Core Bond Series 52%
Disciplined Value Series 12%
Equity Income Series 11%
High Yield Bond Series 3%
Real Estate Series 8%
Unconstrained Bond Series 14%

The Core Bond Series will invest, under normal circumstances, at least 80% of its net assets in investment grade bonds and other financial instruments, primarily exchange-traded funds (ETFs), with economic characteristics similar to bonds. The Core Bond Series is not subject to any maturity or duration restrictions, but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. The Disciplined Value Series will, under normal circumstances, invest at least 80% of its assets in dividend-paying common stocks. In selecting stocks for the Disciplined Value Series, the Advisor uses a systematic process to identify stocks of U.S. companies that it believes are undervalued in the market, based on factors such as free cash flow generation and earnings power, and that meet other investment criteria relating to minimum dividend yield, dividend sustainability, and financial health. The Disciplined Value Series invests primarily in the common stocks of mid- to large- capitalization companies (generally companies with market capitalizations at the time of purchase within the market capitalization range of the companies comprising the Russell 1000® Value Index). The Equity Income Series will invest, under normal circumstances, at least 80% of its net assets in equity securities. It invests primarily in income-producing equity securities. The Equity Income Series may invest in securities of small-, large- or mid-size companies, and it may also invest in interests in business development companies (BDCs) and limited partner interests in master limited partnerships (MLPs). The Equity Income Series may also invest in derivative instruments, as it may write (sell) options on securities. The Global Fixed Income Series will invest, under normal circumstances, at least 80% of its assets in fixed income securities. These securities may be issued by issuers located anywhere in the world, including emerging markets. Under normal circumstances, the Global Fixed Income Series will invest at least 40% of its net assets in securities issued by non-U.S. companies or non-U.S. governments, their agencies, or instrumentalities. The Global Fixed Income Series invests primarily in investment grade securities but may invest up to 20% of its assets in lower quality bonds, commonly known as “junk bonds,” The Global Fixed Income Series is not subject to any maturity or duration restrictions but will vary its average dollar-weighted portfolio maturity and duration depending on the Advisor’s outlook for yields and currency fluctuations. The High Yield Bond Series will invest, under normal circumstances, at least 80% of its net assets in bonds that are rated below investment grade (junk bonds) and other securities, primarily ETFs, that are designed to track the performance of non-investment grade securities. The High Yield Bond Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. The Real Estate Series will invest, under normal circumstances, at least 80% of its net assets in securities of companies that are principally engaged in the real estate industry. The Real Estate Series may invest in equity securities, including convertible securities, of small-, large-, or mid-size companies, and it may also invest in debt securities, typically investment grade debt securities. The Real Estate Series may also invest in derivative instruments, as it may write (sell) options on securities. The Unconstrained Bond Series will invest, under normal circumstances, at least 80% of its net assets in bonds and other financial instruments, principally derivative instruments and ETFs, with economic characteristics similar to bonds. The Unconstrained Bond Series is not subject to any maturity or duration restrictions but its average dollar-weighted portfolio duration will normally vary from negative 3 years to positive 8 years depending on the Advisor’s outlook for yields. The Unconstrained Bond Series may invest up to 50% of its assets in below investment grade securities (also referred to as “junk bonds”) and may invest up to 50% of its assets in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. The Unconstrained Bond Series may also invest in derivative instruments, as it may invest in options, futures, forwards and swaps.

The Series is managed with a more conservative asset allocation than the Strategic Income Moderate Series. The asset allocation range for the Series is expected to be 15%-45% in the underlying stock funds and 55%-85% in the underlying bond funds.

The Series’ management team will actively adjust the Series’ allocation to the underlying funds in accordance with its investment goal and the Advisor’s view of prevailing market conditions, such as market trends, its outlook for a given asset class, and the underlying funds’ performance in various market conditions. Accordingly, the Series’ allocation to a particular underlying fund may increase or decrease throughout the year and the Series may have no allocation to a particular underlying fund during the year. At any given time, the Series’ allocation to the underlying funds may be affected by a number of factors, such as the performance of the underlying funds and the size and frequency of purchase and redemption orders.
Principal Risks of Investing in the Series
As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Asset allocation risk — The Series is subject to asset allocation risk, which is the risk that the selection of the underlying funds and the allocation of the underlying funds' assets among the various asset classes and market segments will cause the Series to underperform other Series with a similar investment objective.

Market risk — Stock and bond markets rise and fall daily. As with any investment whose performance is tied to these markets, the value of your investment in the Series will fluctuate, which means that you could lose money on your investment.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series' shares. Redemptions by these institutions or individuals may impact the Series' liquidity and net asset value (NAV).

Principal Risks of the Underlying Funds

Through its investments in the underlying funds, the Series will be subject to the risks of those funds, which include the following:

Investment risk — The Series may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective.

Management risk — The underlying funds are actively managed mutual funds. Any actively managed mutual fund is subject to the risk that its investment advisor will make poor security selections. When making investment decisions for an underlying fund, the Advisor applies its own investment techniques and risk analyses, but there can be no guarantee that they will produce the desired results.

Because the Disciplined Value Series’ portfolio is selected using a systematic process, the Series is subject to the additional risk that the Advisor’s judgments regarding the investment criteria underlying the systematic process may prove to be incorrect. In addition, the Advisor's approach to value investing, or value investing in general, may go in and out of favor in the market.

Fixed income risk — The prices of an underlying fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. The lower the quality of the bonds, the greater this risk becomes. Current market conditions may pose heightened risks for the underlying funds. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the underlying funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, an underlying fund’s value may fluctuate and/or an underlying fund may experience increased redemptions from shareholders, which may impact an underlying fund’s liquidity or force an underlying fund to sell securities into a declining or illiquid market.

Convertible securities risk — An underlying fund’s investments in convertible securities are subject to interest rate risk and credit risk, which are described below. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.

Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. An underlying fund will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Interest rate risk — The risk that the value of fixed income securities, including U.S. Government securities, will fall due to rising interest rates. Longer-term bonds will experience greater fluctuations than shorter-term bonds in response to interest rate changes. Risks associated with rising rates are heightened given that interest rates in the U.S. are at, or near, historic lows.

Credit risk — The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation. This risk is greater for junk bonds and other lower quality bonds.

Prepayment and extension risk — Fixed income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt the fund’s yield or share price.

Mortgage- and asset-backed securities risks — The underlying funds’ investments in mortgage-backed and asset-backed securities may subject them to the following additional risks:
  • Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.
  • Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.
Equity risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time.

Large-cap risk — Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments — small-cap stocks, for instance — an underlying fund’s performance could be reduced to the extent its portfolio is holding large-cap stocks.

Small- and mid-cap risk — Historically, small- and mid-cap stocks have been riskier than large-cap stocks. Stock prices of smaller companies may be based in substantial part on future expectations rather than current achievements and may move sharply, especially during market upturns and downturns. Small- and mid-cap companies themselves may be more vulnerable to adverse business or economic events than larger, more established companies. Investments in small- and mid-cap stocks are also subject to liquidity risk, which is described below.

Foreign investment risk — An underlying fund’s investments in securities of foreign issuers may involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may be heightened in connection with investments in emerging markets.

Real estate securities risk — An underlying fund’s holdings in securities of issuers in the real estate industry, including investments in real estate investment trusts (REITs) and real estate operating companies (REOCs), may subject it to additional risks even though the underlying fund does not invest directly in real estate. These risks include, but are not limited to, the following: fluctuations in the value of real estate properties and interest rates, defaults by borrowers or tenants, extended vacancies and declining rents, a lack of ability to obtain mortgage financing or other limits to accessing the credit or capital markets, increased competition and overbuilding and increases in real estate or operating taxes. Any geographic concentration of an underlying fund’s real estate related investments could result in the underlying fund being subject to the above risks to a greater degree. In addition, REITs and REOCs have their own expenses, and an underlying fund that invests in REITs and REOCs will bear a proportionate share of those expenses.

High-yield securities risk — An underlying fund’s investments in high-yield securities (junk bonds) may subject it to the following additional risks:
  • High-yield securities may underperform other sectors of the bond market, or the market as a whole.
  • The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market.
  • Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities.
  • An underlying fund’s investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.
Non-diversification risk — Certain of the underlying funds are non-diversified, which means that they may invest in the securities of relatively few issuers. As a result, an underlying fund may be susceptible to a single adverse economic, political or regulatory occurrence affecting one or more of those issuers, and may experience increased volatility due to its investments in those securities.

Risks of investing in BDCs — An underlying fund's investments in BDCs are subject to additional risks. BDCs generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. Generally, little public information exists for the companies in which a BDC may invest and there is a risk that investors in the BDC may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. An underlying fund will indirectly bear its proportionate share of any management and other operating expenses and of any performance based or incentive fees charged by the BDCs in which it invests, in addition to the expenses paid by the underlying fund.

Risks of investing in MLPs — An underlying fund's investments in MLPs are subject to additional risks. MLPs often own several properties or businesses (or other interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. There may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. Additional risks involved with investing in a MLP are risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries.

Derivatives risk — An underlying fund is subject to the following risks due to its ability to invest in options, futures, forwards and swaps:
  • Derivatives can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a derivative contract may not correlate perfectly with the underlying investment.
  • An underlying fund may not be able to receive amounts payable to it under its derivatives contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the underlying fund’s investments in such contracts may not be as liquid as the underlying fund’s other investments.
  • An underlying fund’s use of forwards and swaps is also subject to the risk that the counterparty to the contract will default or otherwise become unable to honor its obligation to the underlying fund.
Sector focus risk — Because an underlying fund's investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, an underlying fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — A particular investment may be difficult to purchase or sell. An underlying fund may be unable to sell illiquid securities at an advantageous time or price.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of an underlying fund’s shares. Redemptions by these institutions or individuals in an underlying fund may impact the underlying fund’s liquidity and net asset value (NAV).

The risks above could contribute to a decline in the value of the investments of the Series and/or the underlying funds and, consequently, the share price of the Series.
Summary of Past Performance
The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the performance of the Class S shares of the Series for each full calendar year since its inception. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index, as well as a 15/5/10/70 Blended Index, 15% of which is the Russell 3000® Value Index, 5% of which is the MSCI ACWI ex USA Index, 10% of which is the MSCI U.S. Real Estate Investment Trust Index, and 70% of which is the Bloomberg Barclays U.S. Aggregate Bond Index. The 15/5/10/70 Blended Index is provided because it better reflects the asset allocation of the Series as compared to the broad-based index. Because the Series' asset allocation will vary over time, the composition of the Series' portfolio may not match the composition of the comparative indices' portfolios. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Calendar Years Ended December 31
Bar Chart
Quarterly Returns
Highest (quarter ended 06/30/14): 3.50%
Lowest (quarter ended 06/30/13): (2.08)%
AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Average Annual Total Returns - Strategic Income Conservative Series
1 Year
5 Years
Since Inception
[1]
Inception Date
Class S Shares 7.17% 4.89% 5.10% Aug. 01, 2012
Class S Shares | Return After Taxes on Distributions 6.07% 3.44% 3.62% Aug. 01, 2012
Class S Shares | Return After Taxes on Distributions and Sale of Series Shares 4.29% 3.26% 3.43% Aug. 01, 2012
Class I Shares 7.33% 5.17% 5.35% Aug. 01, 2012
Bloomberg Barclays US Intermediate Aggregate Bond Index (reflect no deduction for fees, expenses, or taxes) 2.27% 1.70% 1.70% Aug. 01, 2012
15/5/10/70 Blended Index (reflect no deduction for fees, expenses, or taxes) 6.09% 4.78% 4.82% Jul. 31, 2012
[1] Performance numbers for the Series and the Bloomberg Barclays US Intermediate Aggregate Bond Index are calculated from August 1, 2012, the Series’ inception date. Performance numbers for the 15/5/10/70 Blended Index are calculated from July 31, 2012.
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 45 R85.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANNING & NAPIER FUND, INC.
Prospectus Date rr_ProspectusDate May 01, 2018
Strategic Income Conservative Series  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Strategic Income Conservative Series

Summary Section
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Series’ investment objective is to manage against capital risk and generate income with a
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock secondary goal of pursuing long-term capital growth.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption STRATEGIC INCOME CONSERVATIVE SERIES

Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 21% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 21.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in the underlying funds.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same (taking into account the Advisor’s contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Series is designed to generate income, pursue capital growth in order to provide purchasing power protection, and to manage risk. The Series seeks to achieve its investment objective by investing in a combination of other Series of the Manning & Napier Fund, Inc. and advised by the Advisor (the “underlying funds”) according to an asset allocation strategy. The Series may invest in a combination of the Core Bond Series, Disciplined Value Series, Equity Income Series, Global Fixed Income Series, High Yield Bond Series, Real Estate Series, and Unconstrained Bond Series, as well as other Series of the Fund.

As of March 31, 2018, the Series’ target allocation among the underlying funds was as follows:
Core Bond Series 52%
Disciplined Value Series 12%
Equity Income Series 11%
High Yield Bond Series 3%
Real Estate Series 8%
Unconstrained Bond Series 14%

The Core Bond Series will invest, under normal circumstances, at least 80% of its net assets in investment grade bonds and other financial instruments, primarily exchange-traded funds (ETFs), with economic characteristics similar to bonds. The Core Bond Series is not subject to any maturity or duration restrictions, but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. The Disciplined Value Series will, under normal circumstances, invest at least 80% of its assets in dividend-paying common stocks. In selecting stocks for the Disciplined Value Series, the Advisor uses a systematic process to identify stocks of U.S. companies that it believes are undervalued in the market, based on factors such as free cash flow generation and earnings power, and that meet other investment criteria relating to minimum dividend yield, dividend sustainability, and financial health. The Disciplined Value Series invests primarily in the common stocks of mid- to large- capitalization companies (generally companies with market capitalizations at the time of purchase within the market capitalization range of the companies comprising the Russell 1000® Value Index). The Equity Income Series will invest, under normal circumstances, at least 80% of its net assets in equity securities. It invests primarily in income-producing equity securities. The Equity Income Series may invest in securities of small-, large- or mid-size companies, and it may also invest in interests in business development companies (BDCs) and limited partner interests in master limited partnerships (MLPs). The Equity Income Series may also invest in derivative instruments, as it may write (sell) options on securities. The Global Fixed Income Series will invest, under normal circumstances, at least 80% of its assets in fixed income securities. These securities may be issued by issuers located anywhere in the world, including emerging markets. Under normal circumstances, the Global Fixed Income Series will invest at least 40% of its net assets in securities issued by non-U.S. companies or non-U.S. governments, their agencies, or instrumentalities. The Global Fixed Income Series invests primarily in investment grade securities but may invest up to 20% of its assets in lower quality bonds, commonly known as “junk bonds,” The Global Fixed Income Series is not subject to any maturity or duration restrictions but will vary its average dollar-weighted portfolio maturity and duration depending on the Advisor’s outlook for yields and currency fluctuations. The High Yield Bond Series will invest, under normal circumstances, at least 80% of its net assets in bonds that are rated below investment grade (junk bonds) and other securities, primarily ETFs, that are designed to track the performance of non-investment grade securities. The High Yield Bond Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. The Real Estate Series will invest, under normal circumstances, at least 80% of its net assets in securities of companies that are principally engaged in the real estate industry. The Real Estate Series may invest in equity securities, including convertible securities, of small-, large-, or mid-size companies, and it may also invest in debt securities, typically investment grade debt securities. The Real Estate Series may also invest in derivative instruments, as it may write (sell) options on securities. The Unconstrained Bond Series will invest, under normal circumstances, at least 80% of its net assets in bonds and other financial instruments, principally derivative instruments and ETFs, with economic characteristics similar to bonds. The Unconstrained Bond Series is not subject to any maturity or duration restrictions but its average dollar-weighted portfolio duration will normally vary from negative 3 years to positive 8 years depending on the Advisor’s outlook for yields. The Unconstrained Bond Series may invest up to 50% of its assets in below investment grade securities (also referred to as “junk bonds”) and may invest up to 50% of its assets in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. The Unconstrained Bond Series may also invest in derivative instruments, as it may invest in options, futures, forwards and swaps.

The Series is managed with a more conservative asset allocation than the Strategic Income Moderate Series. The asset allocation range for the Series is expected to be 15%-45% in the underlying stock funds and 55%-85% in the underlying bond funds.

The Series’ management team will actively adjust the Series’ allocation to the underlying funds in accordance with its investment goal and the Advisor’s view of prevailing market conditions, such as market trends, its outlook for a given asset class, and the underlying funds’ performance in various market conditions. Accordingly, the Series’ allocation to a particular underlying fund may increase or decrease throughout the year and the Series may have no allocation to a particular underlying fund during the year. At any given time, the Series’ allocation to the underlying funds may be affected by a number of factors, such as the performance of the underlying funds and the size and frequency of purchase and redemption orders.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Series
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Asset allocation risk — The Series is subject to asset allocation risk, which is the risk that the selection of the underlying funds and the allocation of the underlying funds' assets among the various asset classes and market segments will cause the Series to underperform other Series with a similar investment objective.

Market risk — Stock and bond markets rise and fall daily. As with any investment whose performance is tied to these markets, the value of your investment in the Series will fluctuate, which means that you could lose money on your investment.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series' shares. Redemptions by these institutions or individuals may impact the Series' liquidity and net asset value (NAV).

Principal Risks of the Underlying Funds

Through its investments in the underlying funds, the Series will be subject to the risks of those funds, which include the following:

Investment risk — The Series may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective.

Management risk — The underlying funds are actively managed mutual funds. Any actively managed mutual fund is subject to the risk that its investment advisor will make poor security selections. When making investment decisions for an underlying fund, the Advisor applies its own investment techniques and risk analyses, but there can be no guarantee that they will produce the desired results.

Because the Disciplined Value Series’ portfolio is selected using a systematic process, the Series is subject to the additional risk that the Advisor’s judgments regarding the investment criteria underlying the systematic process may prove to be incorrect. In addition, the Advisor's approach to value investing, or value investing in general, may go in and out of favor in the market.

Fixed income risk — The prices of an underlying fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. The lower the quality of the bonds, the greater this risk becomes. Current market conditions may pose heightened risks for the underlying funds. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the underlying funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, an underlying fund’s value may fluctuate and/or an underlying fund may experience increased redemptions from shareholders, which may impact an underlying fund’s liquidity or force an underlying fund to sell securities into a declining or illiquid market.

Convertible securities risk — An underlying fund’s investments in convertible securities are subject to interest rate risk and credit risk, which are described below. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.

Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. An underlying fund will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Interest rate risk — The risk that the value of fixed income securities, including U.S. Government securities, will fall due to rising interest rates. Longer-term bonds will experience greater fluctuations than shorter-term bonds in response to interest rate changes. Risks associated with rising rates are heightened given that interest rates in the U.S. are at, or near, historic lows.

Credit risk — The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation. This risk is greater for junk bonds and other lower quality bonds.

Prepayment and extension risk — Fixed income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt the fund’s yield or share price.

Mortgage- and asset-backed securities risks — The underlying funds’ investments in mortgage-backed and asset-backed securities may subject them to the following additional risks:
  • Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.
  • Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.
Equity risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time.

Large-cap risk — Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments — small-cap stocks, for instance — an underlying fund’s performance could be reduced to the extent its portfolio is holding large-cap stocks.

Small- and mid-cap risk — Historically, small- and mid-cap stocks have been riskier than large-cap stocks. Stock prices of smaller companies may be based in substantial part on future expectations rather than current achievements and may move sharply, especially during market upturns and downturns. Small- and mid-cap companies themselves may be more vulnerable to adverse business or economic events than larger, more established companies. Investments in small- and mid-cap stocks are also subject to liquidity risk, which is described below.

Foreign investment risk — An underlying fund’s investments in securities of foreign issuers may involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may be heightened in connection with investments in emerging markets.

Real estate securities risk — An underlying fund’s holdings in securities of issuers in the real estate industry, including investments in real estate investment trusts (REITs) and real estate operating companies (REOCs), may subject it to additional risks even though the underlying fund does not invest directly in real estate. These risks include, but are not limited to, the following: fluctuations in the value of real estate properties and interest rates, defaults by borrowers or tenants, extended vacancies and declining rents, a lack of ability to obtain mortgage financing or other limits to accessing the credit or capital markets, increased competition and overbuilding and increases in real estate or operating taxes. Any geographic concentration of an underlying fund’s real estate related investments could result in the underlying fund being subject to the above risks to a greater degree. In addition, REITs and REOCs have their own expenses, and an underlying fund that invests in REITs and REOCs will bear a proportionate share of those expenses.

High-yield securities risk — An underlying fund’s investments in high-yield securities (junk bonds) may subject it to the following additional risks:
  • High-yield securities may underperform other sectors of the bond market, or the market as a whole.
  • The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market.
  • Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities.
  • An underlying fund’s investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.
Non-diversification risk — Certain of the underlying funds are non-diversified, which means that they may invest in the securities of relatively few issuers. As a result, an underlying fund may be susceptible to a single adverse economic, political or regulatory occurrence affecting one or more of those issuers, and may experience increased volatility due to its investments in those securities.

Risks of investing in BDCs — An underlying fund's investments in BDCs are subject to additional risks. BDCs generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. Generally, little public information exists for the companies in which a BDC may invest and there is a risk that investors in the BDC may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. An underlying fund will indirectly bear its proportionate share of any management and other operating expenses and of any performance based or incentive fees charged by the BDCs in which it invests, in addition to the expenses paid by the underlying fund.

Risks of investing in MLPs — An underlying fund's investments in MLPs are subject to additional risks. MLPs often own several properties or businesses (or other interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. There may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. Additional risks involved with investing in a MLP are risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries.

Derivatives risk — An underlying fund is subject to the following risks due to its ability to invest in options, futures, forwards and swaps:
  • Derivatives can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a derivative contract may not correlate perfectly with the underlying investment.
  • An underlying fund may not be able to receive amounts payable to it under its derivatives contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the underlying fund’s investments in such contracts may not be as liquid as the underlying fund’s other investments.
  • An underlying fund’s use of forwards and swaps is also subject to the risk that the counterparty to the contract will default or otherwise become unable to honor its obligation to the underlying fund.
Sector focus risk — Because an underlying fund's investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, an underlying fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — A particular investment may be difficult to purchase or sell. An underlying fund may be unable to sell illiquid securities at an advantageous time or price.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of an underlying fund’s shares. Redemptions by these institutions or individuals in an underlying fund may impact the underlying fund’s liquidity and net asset value (NAV).

The risks above could contribute to a decline in the value of the investments of the Series and/or the underlying funds and, consequently, the share price of the Series.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Series.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus Non-diversification risk — Certain of the underlying funds are non-diversified, which means that they may invest in the securities of relatively few issuers. As a result, an underlying fund may be susceptible to a single adverse economic, political or regulatory occurrence affecting one or more of those issuers, and may experience increased volatility due to its investments in those securities.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Summary of Past Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the performance of the Class S shares of the Series for each full calendar year since its inception. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index, as well as a 15/5/10/70 Blended Index, 15% of which is the Russell 3000® Value Index, 5% of which is the MSCI ACWI ex USA Index, 10% of which is the MSCI U.S. Real Estate Investment Trust Index, and 70% of which is the Bloomberg Barclays U.S. Aggregate Bond Index. The 15/5/10/70 Blended Index is provided because it better reflects the asset allocation of the Series as compared to the broad-based index. Because the Series' asset allocation will vary over time, the composition of the Series' portfolio may not match the composition of the comparative indices' portfolios. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the performance of the Class S shares of the Series for each full calendar year since its inception. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index, as well as a 15/5/10/70 Blended Index, 15% of which is the Russell 3000® Value Index, 5% of which is the MSCI ACWI ex USA Index, 10% of which is the MSCI U.S. Real Estate Investment Trust Index, and 70% of which is the Bloomberg Barclays U.S. Aggregate Bond Index.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index, as well as a 15/5/10/70 Blended Index, 15% of which is the Russell 3000® Value Index, 5% of which is the MSCI ACWI ex USA Index, 10% of which is the MSCI U.S. Real Estate Investment Trust Index, and 70% of which is the Bloomberg Barclays U.S. Aggregate Bond Index. The 15/5/10/70 Blended Index is provided because it better reflects the asset allocation of the Series as compared to the broad-based index.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.manning-napier.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Years Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Quarterly Returns
Highest (quarter ended 06/30/14): 3.50%
Lowest (quarter ended 06/30/13): (2.08)%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown The after-tax figures are shown for one share class only, and would be different for the other share class.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Strategic Income Conservative Series | CLASS I  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fee rr_ManagementFeesOverAssets none
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets none
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.51%
Other Expenses rr_OtherExpensesOverAssets 0.51%
Acquired Fund Fees and Expenses (AFFE) rr_AcquiredFundFeesAndExpensesOverAssets 0.54%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.05% [1]
Less Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.46%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.59% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 60
AFTER 3 YEARS rr_ExpenseExampleYear03 288
AFTER 5 YEARS rr_ExpenseExampleYear05 535
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 1,241
1 Year rr_AverageAnnualReturnYear01 7.33%
5 Years rr_AverageAnnualReturnYear05 5.17%
Since Inception rr_AverageAnnualReturnSinceInception 5.35% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2012
Strategic Income Conservative Series | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fee rr_ManagementFeesOverAssets none
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets 0.25%
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.51%
Other Expenses rr_OtherExpensesOverAssets 0.76%
Acquired Fund Fees and Expenses (AFFE) rr_AcquiredFundFeesAndExpensesOverAssets 0.54%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.30% [1]
Less Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.46%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.84% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 86
AFTER 3 YEARS rr_ExpenseExampleYear03 367
AFTER 5 YEARS rr_ExpenseExampleYear05 669
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 1,527
2013 rr_AnnualReturn2013 4.96%
2014 rr_AnnualReturn2014 6.30%
2015 rr_AnnualReturn2015 0.08%
2016 rr_AnnualReturn2016 6.12%
2017 rr_AnnualReturn2017 7.17%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2014
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.50%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2013
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.08%)
1 Year rr_AverageAnnualReturnYear01 7.17%
5 Years rr_AverageAnnualReturnYear05 4.89%
Since Inception rr_AverageAnnualReturnSinceInception 5.10% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2012
Strategic Income Conservative Series | Return After Taxes on Distributions | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.07%
5 Years rr_AverageAnnualReturnYear05 3.44%
Since Inception rr_AverageAnnualReturnSinceInception 3.62% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2012
Strategic Income Conservative Series | Return After Taxes on Distributions and Sale of Series Shares | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.29%
5 Years rr_AverageAnnualReturnYear05 3.26%
Since Inception rr_AverageAnnualReturnSinceInception 3.43% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2012
Strategic Income Conservative Series | Bloomberg Barclays US Intermediate Aggregate Bond Index (reflect no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.27%
5 Years rr_AverageAnnualReturnYear05 1.70%
Since Inception rr_AverageAnnualReturnSinceInception 1.70% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2012
Strategic Income Conservative Series | 15/5/10/70 Blended Index (reflect no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.09%
5 Years rr_AverageAnnualReturnYear05 4.78%
Since Inception rr_AverageAnnualReturnSinceInception 4.82% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 31, 2012
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in the underlying funds.
[2] Manning & Napier Advisors, LLC (the “Advisor”) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of the shareholder services fee, do not exceed 0.05% of such Class’s average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the prior approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in the underlying funds.
[3] Performance numbers for the Series and the Bloomberg Barclays US Intermediate Aggregate Bond Index are calculated from August 1, 2012, the Series’ inception date. Performance numbers for the 15/5/10/70 Blended Index are calculated from July 31, 2012.
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Strategic Income Moderate Series
Strategic Income Moderate Series

Summary Section
Investment Goal
The Series’ investment objective is to manage against capital risk while generating income and pursuing long-term capital growth.
Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
STRATEGIC INCOME MODERATE SERIES

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees - Strategic Income Moderate Series - USD ($)
CLASS I
CLASS S
Shareholder Fees (fees paid directly from your investment) none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Strategic Income Moderate Series
CLASS I
CLASS S
Management Fee none none
Distribution (12b-1) Fees none none
Other Expenses 0.43% 0.68%
Shareholder Services Fee none 0.25%
Remainder of Other Expenses 0.43% 0.43%
Acquired Fund Fees and Expenses (AFFE) 0.59% 0.59%
Total Annual Fund Operating Expenses [1] 1.02% 1.27%
Less Fee Waiver and/or Expense Reimbursement [2] (0.38%) (0.38%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [1] 0.64% 0.89%
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in the underlying funds.
[2] Manning & Napier Advisors, LLC (the “Advisor”) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of the shareholder services fee, do not exceed 0.05% of such Class’s average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the prior approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in the underlying funds.
Example
The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same (taking into account the Advisor’s contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Strategic Income Moderate Series - USD ($)
AFTER 1 YEAR
AFTER 3 YEARS
AFTER 5 YEARS
AFTER 10 YEARS
CLASS I 65 287 526 1,213
CLASS S 91 365 660 1,501
Portfolio Turnover
The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 12% of the average value of its portfolio.
Principal Investment Strategies
The Series is designed to generate income, pursue capital growth in order to provide purchasing power protection, and to manage risk. The Series seeks to achieve its investment objective by investing in a combination of other Series of the Manning & Napier Fund, Inc. and advised by the Advisor (the “underlying funds”) according to an asset allocation strategy. The Series may invest in a combination of the Core Bond Series, Disciplined Value Series, Equity Income Series, Global Fixed Income Series, High Yield Bond Series, Real Estate Series, and Unconstrained Bond Series, as well as other Series of the Fund.

As of March 31, 2018, the Series’ target allocation among the underlying funds was as follows:
Core Bond Series 34%
Disciplined Value Series 22%
Equity Income Series 21%
High Yield Bond Series 5%
Real Estate Series 8%
Unconstrained Bond Series 10%

The Core Bond Series will invest, under normal circumstances, at least 80% of its net assets in investment grade bonds and other financial instruments, primarily exchange-traded funds (ETFs), with economic characteristics similar to bonds. The Core Bond Series is not subject to any maturity or duration restrictions, but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor's outlook for yields. The Disciplined Value Series will, under normal circumstances, invest at least 80% of its assets in dividend-paying common stocks. In selecting stocks for the Disciplined Value Series, the Advisor uses a systematic process to identify stocks of U.S. companies that it believes are undervalued in the market, based on factors such as free cash flow generation and earnings power, and that meet other investment criteria relating to minimum dividend yield, dividend sustainability, and financial health. The Disciplined Value Series invests primarily in the common stocks of mid- to large- capitalization companies (generally companies with market capitalizations at the time of purchase within the market capitalization range of the companies comprising the Russell 1000® Value Index). The Equity Income Series will invest, under normal circumstances, at least 80% of its net assets in equity securities. It invests primarily in income-producing equity securities. The Equity Income Series may invest in securities of small, large or mid-size companies, and it may also invest in interests in business development companies (BDCs) and limited partner interests in master limited partnerships (MLPs). The Equity Income Series may also invest in derivative instruments, as it may write (sell) options on securities. The Global Fixed Income Series will invest, under normal circumstances, at least 80% of its assets in fixed income securities. These securities may be issued by issuers located anywhere in the world, including emerging markets. Under normal circumstances, the Global Fixed Income Series will invest at least 40% of its net assets in securities issued by non-U.S. companies or non-U.S. governments, their agencies, or instrumentalities. The Global Fixed Income Series invests primarily in investment grade securities but may invest up to 20% of its assets in lower quality bonds, commonly known as "junk bonds," The Global Fixed Income Series is not subject to any maturity or duration restrictions but will vary its average dollar-weighted portfolio maturity and duration depending on the Advisor's outlook for yields and currency fluctuations. The High Yield Bond Series will invest, under normal circumstances, at least 80% of its net assets in bonds that are rated below investment grade (junk bonds) and other securities, primarily ETFs, that are designed to track the performance of non-investment grade securities. The High Yield Bond Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. The Real Estate Series will invest, under normal circumstances, at least 80% of its net assets in securities of companies that are principally engaged in the real estate industry. The Real Estate Series may invest in equity securities, including convertible securities, of small-, large-, or mid-size companies, and it may also invest in debt securities, typically investment grade securities. The Real Estate Series may also invest in derivative instruments, as it may write (sell) options on securities. The Unconstrained Bond Series will invest, under normal circumstances, at least 80% of its net assets in bonds and other financial instruments, principally derivative instruments and ETFs, with economic characteristics similar to bonds. The Unconstrained Bond Series is not subject to any maturity or duration restrictions but its average dollar-weighted portfolio duration will normally vary from negative 3 years to positive 8 years depending on the Advisor’s outlook for yields. The Unconstrained Bond Series may invest up to 50% of its assets in below investment grade securities (also referred to as “junk bonds”) and may invest up to 50% of its assets in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. The Unconstrained Bond Series may also invest in derivative instruments, as it may invest in options, futures, forwards and swaps.

The Series is managed with a less conservative asset allocation than the Strategic Income Conservative Series. The asset allocation range for the Series is expected to be 35%-65% in the underlying stock funds and 35%-65% in the underlying bond funds.

The Series’ management team will actively adjust the Series’ allocation to the underlying funds in accordance with its investment goal and the Advisor’s view of prevailing market conditions, such as market trends, its outlook for a given asset class, and the underlying funds’ performance in various market conditions. Accordingly, the Series’ allocation to a particular underlying fund may increase or decrease throughout the year and the Series may have no allocation to a particular underlying fund during the year. At any given time, the Series’ allocation to the underlying funds may be affected by a number of factors, such as the performance of the underlying funds and the size and frequency of purchase and redemption orders.
Principal Risks of Investing in the Series
As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Asset allocation risk — The Series is subject to asset allocation risk, which is the risk that the selection of the underlying funds and the allocation of the underlying funds' assets among the various asset classes and market segments will cause the Series to underperform other Series with a similar investment objective.

Market risk — Stock and bond markets rise and fall daily. As with any investment whose performance is tied to these markets, the value of your investment in the Series will fluctuate, which means that you could lose money on your investment.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series' shares. Redemptions by these institutions or individuals may impact the Series' liquidity and net asset value (NAV).

Principal Risks of the Underlying Funds

Through its investments in the underlying funds, the Series will be subject to the risks of those funds, which include the following:

Investment risk — The Series may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective.

Management risk — The underlying funds are actively managed mutual funds. Any actively managed mutual fund is subject to the risk that its investment advisor will make poor security selections. When making investment decisions for an underlying fund, the Advisor applies its own investment techniques and risk analyses, but there can be no guarantee that they will produce the desired results.

Because the Disciplined Value Series’ portfolio is selected using a systematic process, the Series is subject to the additional risk that the Advisor’s judgments regarding the investment criteria underlying the systematic process may prove to be incorrect. In addition, the Advisor's approach to value investing, or value investing in general, may go in and out of favor in the market.

Fixed income risk — The prices of an underlying fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. The lower the quality of the bonds, the greater this risk becomes. Current market conditions may pose heightened risks for the underlying funds. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the underlying funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, an underlying fund’s value may fluctuate and/or an underlying fund may experience increased redemptions from shareholders, which may impact an underlying fund’s liquidity or force an underlying fund to sell securities into a declining or illiquid market.

Convertible securities risk — An underlying fund’s investments in convertible securities are subject to interest rate risk and credit risk, which are described below. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.

Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. An underlying fund will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Interest rate risk — The risk that the value of fixed income securities, including U.S. Government securities, will fall due to rising interest rates. Longer-term bonds will experience greater fluctuations than shorter-term bonds in response to interest rate changes. Risks associated with rising rates are heightened given that interest rates in the U.S. are at, or near, historic lows.

Credit risk — The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation. This risk is greater for junk bonds and other lower quality bonds.

Prepayment and extension risk — Fixed income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt the fund’s yield or share price.

Mortgage- and asset-backed securities risks — The underlying funds’ investments in mortgage-backed and asset-backed securities may subject them to the following additional risks:
  • Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.
  • Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.
Equity risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time.

Large-cap risk — Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments — small-cap stocks, for instance — an underlying fund’s performance could be reduced to the extent its portfolio is holding large-cap stocks.

Small- and mid-cap risk — Historically, small- and mid-cap stocks have been riskier than large-cap stocks. Stock prices of smaller companies may be based in substantial part on future expectations rather than current achievements and may move sharply, especially during market upturns and downturns. Small- and mid-cap companies themselves may be more vulnerable to adverse business or economic events than larger, more established companies. Investments in small- and mid-cap stocks are also subject to liquidity risk, which is described below.

Foreign investment risk — An underlying fund’s investments in securities of foreign issuers may involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs.

Emerging markets risk — In addition to the risks discussed above relating to investments in foreign companies located in developed countries, an underlying fund’s investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
Real estate securities risk — An underlying fund’s holdings in securities of issuers in the real estate industry, including investments in real estate investment trusts (REITs) and real estate operating companies (REOCs) may subject it to additional risks even though the underlying fund does not invest directly in real estate. These risks include, but are not limited to, the following: fluctuations in the value of real estate properties and interest rates, defaults by borrowers or tenants, extended vacancies and declining rents, a lack of ability to obtain mortgage financing or other limits to accessing the credit or capital markets, increased competition and overbuilding and increases in real estate or operating taxes. Any geographic concentration of an underlying fund’s real estate related investments could result in the underlying fund being subject to the above risks to a greater degree. In addition, REITs and REOCs have their own expenses, and an underlying fund that invests in REITs and REOCs will bear a proportionate share of those expenses.

High-yield securities risk — An underlying fund’s investments in high-yield securities (junk bonds) may subject it to the following additional risks:
  • High-yield securities may underperform other sectors of the bond market, or the market as a whole.
  • The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market.
  • Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities.
  • An underlying fund’s investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.
Non-diversification risk — Certain of the underlying funds are non-diversified, which means that they may invest in the securities of relatively few issuers. As a result, an underlying fund may be susceptible to a single adverse economic, political or regulatory occurrence affecting one or more of those issuers, and may experience increased volatility due to its investments in those securities.

Risks of investing in BDCs — An underlying fund's investments in BDCs are subject to additional risks. BDCs generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. Generally, little public information exists for the companies in which a BDC may invest and there is a risk that investors in the BDC may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. An underlying fund will indirectly bear its proportionate share of any management and other operating expenses and of any performance based or incentive fees charged by the BDCs in which it invests, in addition to the expenses paid by the underlying fund.

Risks of investing in MLPs — An underlying fund's investments in MLPs are subject to additional risks. MLPs often own several properties or businesses (or other interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. There may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. Additional risks involved with investing in a MLP are risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries.

Derivatives risk — An underlying fund is subject to the following risks due to its ability to invest in options, futures, forwards and swaps:
  • Derivatives can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a derivative contract may not correlate perfectly with the underlying investment.
  • An underlying fund may not be able to receive amounts payable to it under its derivatives contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the underlying fund’s investments in such contracts may not be as liquid as the underlying fund’s other investments.
  • An underlying fund’s use of forwards and swaps is also subject to the risk that the counterparty to the contract will default or otherwise become unable to honor its obligation to the underlying fund.
Sector focus risk — Because an underlying fund's investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, an underlying fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — A particular investment may be difficult to purchase or sell. An underlying fund may be unable to sell illiquid securities at an advantageous time or price.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of an underlying fund’s shares. Redemptions by these institutions or individuals in an underlying fund may impact the underlying fund’s liquidity and net asset value (NAV).

The risks above could contribute to a decline in the value of the investments of the Series and/or the underlying funds and, consequently, the share price of the Series.
Summary of Past Performance
The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the performance of the Class S shares of the Series for each full calendar year since its inception. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index and a blended index. For the period from August 1, 2012 through September 30, 2013, the Strategic Income Moderate Benchmark consists of the Russell 3000® Value Index (40%), MSCI ACWI ex USA Index (10%), MSCI U.S. Real Estate Investment Trust Index (10%), and Bloomberg Barclays U.S. Aggregate Bond Index (40%). For the period beginning October 1, 2013, the Strategic Income Moderate Benchmark consists of the Russell 3000® Value Index (32%), MSCI ACWI ex USA Index (8%), MSCI U.S. Real Estate Investment Trust Index (10%), and Bloomberg Barclays U.S. Aggregate Bond Index (50%) to reflect a change in the target allocation of the Series. The Strategic Income Moderate Benchmark is provided because it better reflects the asset allocation of the Series as compared to the broad-based index. Because the Series’ asset allocation will vary over time the composition of the Series’ portfolio may not match the composition of the comparative indices’ portfolios. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Calendar Years Ended December 31
Bar Chart
Quarterly Returns
Highest (quarter ended 03/31/13): 5.92%
Lowest (quarter ended 09/30/15): (3.73)%
AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Average Annual Total Returns - Strategic Income Moderate Series
1 Year
5 Years
Since Inception
[1]
Inception Date
Class S Shares 10.39% 7.23% 7.28% Aug. 01, 2012
Class S Shares | Return After Taxes on Distributions 9.12% 5.62% 5.67% Aug. 01, 2012
Class S Shares | Return After Taxes on Distributions and Sale of Series Shares 6.36% 5.13% 5.18% Aug. 01, 2012
Class I Shares 10.67% 7.48% 7.53% Aug. 01, 2012
Bloomberg Barclays US Aggregate Bond Index (reflect no deduction for fees, expenses, or taxes) 3.54% 2.10% 2.05% Aug. 01, 2012
Strategic Income Moderate Benchmark (reflect no deduction for fees, expenses, or taxes) 8.40% 6.95% 7.11% Jul. 31, 2012
[1] Performance numbers for the Series and the Bloomberg Barclays US Aggregate Bond Index are calculated from August 1, 2012, the Series' inception date. Performance numbers for the Strategic Income Moderate Benchmark are calculated from July 31, 2012.
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANNING & NAPIER FUND, INC.
Prospectus Date rr_ProspectusDate May 01, 2018
Strategic Income Moderate Series  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Strategic Income Moderate Series

Summary Section
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Series’ investment objective is to manage against capital risk while generating income and pursuing long-term capital growth.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses you may pay if you buy and hold shares of the Series.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption STRATEGIC INCOME MODERATE SERIES

Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Series pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 12% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 12.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in the underlying funds.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series’ operating expenses remain the same (taking into account the Advisor’s contractual expense limitation for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Series is designed to generate income, pursue capital growth in order to provide purchasing power protection, and to manage risk. The Series seeks to achieve its investment objective by investing in a combination of other Series of the Manning & Napier Fund, Inc. and advised by the Advisor (the “underlying funds”) according to an asset allocation strategy. The Series may invest in a combination of the Core Bond Series, Disciplined Value Series, Equity Income Series, Global Fixed Income Series, High Yield Bond Series, Real Estate Series, and Unconstrained Bond Series, as well as other Series of the Fund.

As of March 31, 2018, the Series’ target allocation among the underlying funds was as follows:
Core Bond Series 34%
Disciplined Value Series 22%
Equity Income Series 21%
High Yield Bond Series 5%
Real Estate Series 8%
Unconstrained Bond Series 10%

The Core Bond Series will invest, under normal circumstances, at least 80% of its net assets in investment grade bonds and other financial instruments, primarily exchange-traded funds (ETFs), with economic characteristics similar to bonds. The Core Bond Series is not subject to any maturity or duration restrictions, but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor's outlook for yields. The Disciplined Value Series will, under normal circumstances, invest at least 80% of its assets in dividend-paying common stocks. In selecting stocks for the Disciplined Value Series, the Advisor uses a systematic process to identify stocks of U.S. companies that it believes are undervalued in the market, based on factors such as free cash flow generation and earnings power, and that meet other investment criteria relating to minimum dividend yield, dividend sustainability, and financial health. The Disciplined Value Series invests primarily in the common stocks of mid- to large- capitalization companies (generally companies with market capitalizations at the time of purchase within the market capitalization range of the companies comprising the Russell 1000® Value Index). The Equity Income Series will invest, under normal circumstances, at least 80% of its net assets in equity securities. It invests primarily in income-producing equity securities. The Equity Income Series may invest in securities of small, large or mid-size companies, and it may also invest in interests in business development companies (BDCs) and limited partner interests in master limited partnerships (MLPs). The Equity Income Series may also invest in derivative instruments, as it may write (sell) options on securities. The Global Fixed Income Series will invest, under normal circumstances, at least 80% of its assets in fixed income securities. These securities may be issued by issuers located anywhere in the world, including emerging markets. Under normal circumstances, the Global Fixed Income Series will invest at least 40% of its net assets in securities issued by non-U.S. companies or non-U.S. governments, their agencies, or instrumentalities. The Global Fixed Income Series invests primarily in investment grade securities but may invest up to 20% of its assets in lower quality bonds, commonly known as "junk bonds," The Global Fixed Income Series is not subject to any maturity or duration restrictions but will vary its average dollar-weighted portfolio maturity and duration depending on the Advisor's outlook for yields and currency fluctuations. The High Yield Bond Series will invest, under normal circumstances, at least 80% of its net assets in bonds that are rated below investment grade (junk bonds) and other securities, primarily ETFs, that are designed to track the performance of non-investment grade securities. The High Yield Bond Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. The Real Estate Series will invest, under normal circumstances, at least 80% of its net assets in securities of companies that are principally engaged in the real estate industry. The Real Estate Series may invest in equity securities, including convertible securities, of small-, large-, or mid-size companies, and it may also invest in debt securities, typically investment grade securities. The Real Estate Series may also invest in derivative instruments, as it may write (sell) options on securities. The Unconstrained Bond Series will invest, under normal circumstances, at least 80% of its net assets in bonds and other financial instruments, principally derivative instruments and ETFs, with economic characteristics similar to bonds. The Unconstrained Bond Series is not subject to any maturity or duration restrictions but its average dollar-weighted portfolio duration will normally vary from negative 3 years to positive 8 years depending on the Advisor’s outlook for yields. The Unconstrained Bond Series may invest up to 50% of its assets in below investment grade securities (also referred to as “junk bonds”) and may invest up to 50% of its assets in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. The Unconstrained Bond Series may also invest in derivative instruments, as it may invest in options, futures, forwards and swaps.

The Series is managed with a less conservative asset allocation than the Strategic Income Conservative Series. The asset allocation range for the Series is expected to be 35%-65% in the underlying stock funds and 35%-65% in the underlying bond funds.

The Series’ management team will actively adjust the Series’ allocation to the underlying funds in accordance with its investment goal and the Advisor’s view of prevailing market conditions, such as market trends, its outlook for a given asset class, and the underlying funds’ performance in various market conditions. Accordingly, the Series’ allocation to a particular underlying fund may increase or decrease throughout the year and the Series may have no allocation to a particular underlying fund during the year. At any given time, the Series’ allocation to the underlying funds may be affected by a number of factors, such as the performance of the underlying funds and the size and frequency of purchase and redemption orders.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Series
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Asset allocation risk — The Series is subject to asset allocation risk, which is the risk that the selection of the underlying funds and the allocation of the underlying funds' assets among the various asset classes and market segments will cause the Series to underperform other Series with a similar investment objective.

Market risk — Stock and bond markets rise and fall daily. As with any investment whose performance is tied to these markets, the value of your investment in the Series will fluctuate, which means that you could lose money on your investment.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series' shares. Redemptions by these institutions or individuals may impact the Series' liquidity and net asset value (NAV).

Principal Risks of the Underlying Funds

Through its investments in the underlying funds, the Series will be subject to the risks of those funds, which include the following:

Investment risk — The Series may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective.

Management risk — The underlying funds are actively managed mutual funds. Any actively managed mutual fund is subject to the risk that its investment advisor will make poor security selections. When making investment decisions for an underlying fund, the Advisor applies its own investment techniques and risk analyses, but there can be no guarantee that they will produce the desired results.

Because the Disciplined Value Series’ portfolio is selected using a systematic process, the Series is subject to the additional risk that the Advisor’s judgments regarding the investment criteria underlying the systematic process may prove to be incorrect. In addition, the Advisor's approach to value investing, or value investing in general, may go in and out of favor in the market.

Fixed income risk — The prices of an underlying fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. The lower the quality of the bonds, the greater this risk becomes. Current market conditions may pose heightened risks for the underlying funds. While interest rates in the U.S. are at, or near, historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the underlying funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, an underlying fund’s value may fluctuate and/or an underlying fund may experience increased redemptions from shareholders, which may impact an underlying fund’s liquidity or force an underlying fund to sell securities into a declining or illiquid market.

Convertible securities risk — An underlying fund’s investments in convertible securities are subject to interest rate risk and credit risk, which are described below. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.

Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. An underlying fund will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Interest rate risk — The risk that the value of fixed income securities, including U.S. Government securities, will fall due to rising interest rates. Longer-term bonds will experience greater fluctuations than shorter-term bonds in response to interest rate changes. Risks associated with rising rates are heightened given that interest rates in the U.S. are at, or near, historic lows.

Credit risk — The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation. This risk is greater for junk bonds and other lower quality bonds.

Prepayment and extension risk — Fixed income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt the fund’s yield or share price.

Mortgage- and asset-backed securities risks — The underlying funds’ investments in mortgage-backed and asset-backed securities may subject them to the following additional risks:
  • Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.
  • Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.
Equity risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time.

Large-cap risk — Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments — small-cap stocks, for instance — an underlying fund’s performance could be reduced to the extent its portfolio is holding large-cap stocks.

Small- and mid-cap risk — Historically, small- and mid-cap stocks have been riskier than large-cap stocks. Stock prices of smaller companies may be based in substantial part on future expectations rather than current achievements and may move sharply, especially during market upturns and downturns. Small- and mid-cap companies themselves may be more vulnerable to adverse business or economic events than larger, more established companies. Investments in small- and mid-cap stocks are also subject to liquidity risk, which is described below.

Foreign investment risk — An underlying fund’s investments in securities of foreign issuers may involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs.

Emerging markets risk — In addition to the risks discussed above relating to investments in foreign companies located in developed countries, an underlying fund’s investments in emerging market countries are subject to the following risks:
  • Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.
  • Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.
  • It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.
  • There will tend to be an increased risk of price volatility associated with the Series’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
Real estate securities risk — An underlying fund’s holdings in securities of issuers in the real estate industry, including investments in real estate investment trusts (REITs) and real estate operating companies (REOCs) may subject it to additional risks even though the underlying fund does not invest directly in real estate. These risks include, but are not limited to, the following: fluctuations in the value of real estate properties and interest rates, defaults by borrowers or tenants, extended vacancies and declining rents, a lack of ability to obtain mortgage financing or other limits to accessing the credit or capital markets, increased competition and overbuilding and increases in real estate or operating taxes. Any geographic concentration of an underlying fund’s real estate related investments could result in the underlying fund being subject to the above risks to a greater degree. In addition, REITs and REOCs have their own expenses, and an underlying fund that invests in REITs and REOCs will bear a proportionate share of those expenses.

High-yield securities risk — An underlying fund’s investments in high-yield securities (junk bonds) may subject it to the following additional risks:
  • High-yield securities may underperform other sectors of the bond market, or the market as a whole.
  • The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market.
  • Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities.
  • An underlying fund’s investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.
Non-diversification risk — Certain of the underlying funds are non-diversified, which means that they may invest in the securities of relatively few issuers. As a result, an underlying fund may be susceptible to a single adverse economic, political or regulatory occurrence affecting one or more of those issuers, and may experience increased volatility due to its investments in those securities.

Risks of investing in BDCs — An underlying fund's investments in BDCs are subject to additional risks. BDCs generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. Generally, little public information exists for the companies in which a BDC may invest and there is a risk that investors in the BDC may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. An underlying fund will indirectly bear its proportionate share of any management and other operating expenses and of any performance based or incentive fees charged by the BDCs in which it invests, in addition to the expenses paid by the underlying fund.

Risks of investing in MLPs — An underlying fund's investments in MLPs are subject to additional risks. MLPs often own several properties or businesses (or other interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. There may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. Additional risks involved with investing in a MLP are risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries.

Derivatives risk — An underlying fund is subject to the following risks due to its ability to invest in options, futures, forwards and swaps:
  • Derivatives can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a derivative contract may not correlate perfectly with the underlying investment.
  • An underlying fund may not be able to receive amounts payable to it under its derivatives contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the underlying fund’s investments in such contracts may not be as liquid as the underlying fund’s other investments.
  • An underlying fund’s use of forwards and swaps is also subject to the risk that the counterparty to the contract will default or otherwise become unable to honor its obligation to the underlying fund.
Sector focus risk — Because an underlying fund's investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, an underlying fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity risk — A particular investment may be difficult to purchase or sell. An underlying fund may be unable to sell illiquid securities at an advantageous time or price.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of an underlying fund’s shares. Redemptions by these institutions or individuals in an underlying fund may impact the underlying fund’s liquidity and net asset value (NAV).

The risks above could contribute to a decline in the value of the investments of the Series and/or the underlying funds and, consequently, the share price of the Series.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Series.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus Non-diversification risk — Certain of the underlying funds are non-diversified, which means that they may invest in the securities of relatively few issuers. As a result, an underlying fund may be susceptible to a single adverse economic, political or regulatory occurrence affecting one or more of those issuers, and may experience increased volatility due to its investments in those securities.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Summary of Past Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the performance of the Class S shares of the Series for each full calendar year since its inception. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index and a blended index. For the period from August 1, 2012 through September 30, 2013, the Strategic Income Moderate Benchmark consists of the Russell 3000® Value Index (40%), MSCI ACWI ex USA Index (10%), MSCI U.S. Real Estate Investment Trust Index (10%), and Bloomberg Barclays U.S. Aggregate Bond Index (40%). For the period beginning October 1, 2013, the Strategic Income Moderate Benchmark consists of the Russell 3000® Value Index (32%), MSCI ACWI ex USA Index (8%), MSCI U.S. Real Estate Investment Trust Index (10%), and Bloomberg Barclays U.S. Aggregate Bond Index (50%) to reflect a change in the target allocation of the Series. The Strategic Income Moderate Benchmark is provided because it better reflects the asset allocation of the Series as compared to the broad-based index. Because the Series’ asset allocation will vary over time the composition of the Series’ portfolio may not match the composition of the comparative indices’ portfolios. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly performance information of the Series is available at www.manning-napier.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the performance of the Class S shares of the Series for each full calendar year since its inception. The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index and a blended index.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The total return table shows how the average annual total returns for the Class S and Class I shares of the Series for different periods compare to those of a broad-based securities index and a blended index. For the period from August 1, 2012 through September 30, 2013, the Strategic Income Moderate Benchmark consists of the Russell 3000® Value Index (40%), MSCI ACWI ex USA Index (10%), MSCI U.S. Real Estate Investment Trust Index (10%), and Bloomberg Barclays U.S. Aggregate Bond Index (40%). For the period beginning October 1, 2013, the Strategic Income Moderate Benchmark consists of the Russell 3000® Value Index (32%), MSCI ACWI ex USA Index (8%), MSCI U.S. Real Estate Investment Trust Index (10%), and Bloomberg Barclays U.S. Aggregate Bond Index (50%) to reflect a change in the target allocation of the Series. The Strategic Income Moderate Benchmark is provided because it better reflects the asset allocation of the Series as compared to the broad-based index.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.manning-napier.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Years Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Quarterly Returns
Highest (quarter ended 03/31/13): 5.92%
Lowest (quarter ended 09/30/15): (3.73)%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS
FOR PERIODS ENDED DECEMBER 31, 2017
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown The after-tax figures are shown for one share class only, and would be different for the other share class.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share class. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Strategic Income Moderate Series | CLASS I  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fee rr_ManagementFeesOverAssets none
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets none
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.43%
Other Expenses rr_OtherExpensesOverAssets 0.43%
Acquired Fund Fees and Expenses (AFFE) rr_AcquiredFundFeesAndExpensesOverAssets 0.59%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.02% [1]
Less Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.38%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.64% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 65
AFTER 3 YEARS rr_ExpenseExampleYear03 287
AFTER 5 YEARS rr_ExpenseExampleYear05 526
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 1,213
1 Year rr_AverageAnnualReturnYear01 10.67%
5 Years rr_AverageAnnualReturnYear05 7.48%
Since Inception rr_AverageAnnualReturnSinceInception 7.53% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2012
Strategic Income Moderate Series | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fee rr_ManagementFeesOverAssets none
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Services Fee rr_Component1OtherExpensesOverAssets 0.25%
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.43%
Other Expenses rr_OtherExpensesOverAssets 0.68%
Acquired Fund Fees and Expenses (AFFE) rr_AcquiredFundFeesAndExpensesOverAssets 0.59%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.27% [1]
Less Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.38%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.89% [1]
AFTER 1 YEAR rr_ExpenseExampleYear01 $ 91
AFTER 3 YEARS rr_ExpenseExampleYear03 365
AFTER 5 YEARS rr_ExpenseExampleYear05 660
AFTER 10 YEARS rr_ExpenseExampleYear10 $ 1,501
2013 rr_AnnualReturn2013 11.49%
2014 rr_AnnualReturn2014 6.66%
2015 rr_AnnualReturn2015 (1.01%)
2016 rr_AnnualReturn2016 9.10%
2017 rr_AnnualReturn2017 10.39%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2013
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.92%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.73%)
1 Year rr_AverageAnnualReturnYear01 10.39%
5 Years rr_AverageAnnualReturnYear05 7.23%
Since Inception rr_AverageAnnualReturnSinceInception 7.28% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2012
Strategic Income Moderate Series | Return After Taxes on Distributions | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 9.12%
5 Years rr_AverageAnnualReturnYear05 5.62%
Since Inception rr_AverageAnnualReturnSinceInception 5.67% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2012
Strategic Income Moderate Series | Return After Taxes on Distributions and Sale of Series Shares | CLASS S  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.36%
5 Years rr_AverageAnnualReturnYear05 5.13%
Since Inception rr_AverageAnnualReturnSinceInception 5.18% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2012
Strategic Income Moderate Series | Bloomberg Barclays US Aggregate Bond Index (reflect no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.54%
5 Years rr_AverageAnnualReturnYear05 2.10%
Since Inception rr_AverageAnnualReturnSinceInception 2.05% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2012
Strategic Income Moderate Series | Strategic Income Moderate Benchmark (reflect no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.40%
5 Years rr_AverageAnnualReturnYear05 6.95%
Since Inception rr_AverageAnnualReturnSinceInception 7.11% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 31, 2012
[1] The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series’ financial statements) because the financial highlights include only the Series’ direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in the underlying funds.
[2] Manning & Napier Advisors, LLC (the “Advisor”) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of the shareholder services fee, do not exceed 0.05% of such Class’s average daily net assets. This contractual waiver will continue until at least April 30, 2019 and may not be amended or terminated by the Advisor prior to such date without the prior approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in the underlying funds.
[3] Performance numbers for the Series and the Bloomberg Barclays US Aggregate Bond Index are calculated from August 1, 2012, the Series' inception date. Performance numbers for the Strategic Income Moderate Benchmark are calculated from July 31, 2012.
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Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANNING & NAPIER FUND, INC.
Prospectus Date rr_ProspectusDate May 01, 2018
Document Creation Date dei_DocumentCreationDate Apr. 26, 2018
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