Manning & Napier Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04087

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)

B. Reuben Auspitz 290 Woodcliff Drive, Fairport, NY 14450

(Name and address of agent for service)

Registrant’s telephone number, including area code: 585-325-6880

Date of fiscal year end: December 31, 2009

Date of reporting period: January 1, 2009 through June 30, 2009

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1:

REPORTS TO STOCKHOLDERS

Manning & Napier Fund, Inc.


INTERNATIONAL SERIES		\|		Semi-Annual Report - June 30, 2009

LOGO

Shareholder Expense Example (unaudited)

As a shareholder of the Series, you may incur two types of costs: (1) transaction costs, including potential wire charges on redemptions and (2) ongoing costs, including management fees and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2009 to June 30, 2009).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as potential wire charges on redemptions. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value 1/1/09		Ending Account Value 6/30/09		Expenses Paid During Period* 1/1/09-6/30/09
Actual	$	1,000.00	$	1,073.10	$	6.01
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.99	$	5.86

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 1.17%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses are based on the most recent fiscal half year. The Series’ total return would have been lower had certain expenses not been waived during the period.


		1

Portfolio Composition as of June 30, 2009 (unaudited)

Country Allocation¹

LOGO

¹As a percentage of net assets.

²Miscellaneous

Mexico 0.63%

Norway 1.62%

Portugal 1.13%

Spain 0.65%

Sector Allocation³

LOGO

³As a percentage of net assets.


2

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


COMMON STOCKS - 89.33%

Consumer Discretionary - 8.85%
Auto Components - 0.98%
Hankook Tire Co. Ltd. (South Korea)	143,000	$	1,869,171

Household Durables - 3.23%
Corporacion Geo S.A.B. de C.V. - Class B* (Mexico)	627,000		1,211,383
Klabin Segall S.A.* (Brazil)	140,000		222,234
LG Electronics, Inc. (South Korea)	26,000		2,388,130
Rodobens Negocios Imobiliarios S.A. (Brazil)	259,000		2,366,323

			6,188,070

Media - 2.49%
Impresa - Sociedade Gestora de Participacoes S.A.* (Portugal)	338,000		464,631
Reed Elsevier plc - ADR (United Kingdom)	48,131		1,434,785
Societe Television Francaise 1 (France)	86,800		973,184
Wolters Kluwer N.V. (Netherlands)	105,037		1,834,328
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A. - ADR (Portugal)	13,275		69,428

			4,776,356

Multiline Retail - 0.78%
PPR (France)	18,300		1,492,806

Specialty Retail - 0.78%
KOMERI Co. Ltd. (Japan)	67,000		1,485,102

Textiles, Apparel & Luxury Goods - 0.59%
LVMH S.A. (Louis Vuitton Moet Hennessy) (France)	14,920		1,138,500

Total Consumer Discretionary			16,950,005

Consumer Staples - 18.80%
Beverages - 2.24%
Diageo plc (United Kingdom)	130,000		1,863,711
Kirin Holdings Co. Ltd. (Japan)	173,000		2,424,730

			4,288,441

Food & Staples Retailing - 6.24%
Carrefour S.A. (France)	132,332		5,646,631
Casino Guichard-Perrachon S.A. (France)	27,300		1,840,015
Casino Guichard-Perrachon S.A. - Rights (France)	27,300		105,308
President Chain Store Corp. (Taiwan)	495,000		1,269,115
Tesco plc (United Kingdom)	533,000		3,100,326

			11,961,395


The accompanying notes are an integral part of the financial statements.		3

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


COMMON STOCKS (continued)

Consumer Staples (continued)
Food Products - 8.30%
Cadbury plc (United Kingdom)	657,920	$	5,606,227
Danone S.A. (France)	31,952		1,576,737
IOI Corp. Berhad (Malaysia)	446,400		599,775
Nestle S.A. (Switzerland)	84,000		3,164,209
Suedzucker AG (Germany)	72,400		1,466,463
Unilever plc - ADR (United Kingdom)	148,000		3,478,000

			15,891,411

Household Products - 2.02%
Kao Corp. (Japan)	47,000		1,027,149
Reckitt Benckiser Group plc (United Kingdom)	62,500		2,843,807

			3,870,956

Total Consumer Staples			36,012,203

Energy - 8.08%
Oil, Gas & Consumable Fuels - 8.08%
BP plc (United Kingdom)	205,000		1,611,268
Petroleo Brasileiro S.A. (Petrobras) - ADR (Brazil)	182,300		6,081,528
Royal Dutch Shell plc - Class B (Netherlands)	70,500		1,769,748
Royal Dutch Shell plc - Class B - ADR (Netherlands)	70,100		3,565,286
Total S.A. (France)	45,160		2,437,554

Total Energy			15,465,384

Financials - 14.18%
Capital Markets - 0.80%
Daiwa Securities Group, Inc. (Japan)	79,000		471,605
Nomura Holdings, Inc. (Japan)	63,000		532,413
OSK Holdings Berhad (Malaysia)	1,337,000		529,015

			1,533,033

Commercial Banks - 5.39%
BNP Paribas (France)	26,000		1,686,749
The Chugoku Bank Ltd. (Japan)	137,000		1,904,516
Commerzbank AG* (Germany)	62,500		384,428
Credit Agricole S.A. (France)	57,900		720,877
The Hachijuni Bank Ltd. (Japan)	244,000		1,383,140
Hong Leong Financial Group Berhad (Malaysia)	653,000		918,252
Mitsubishi UFJ Financial Group, Inc. (Japan)	170,000		1,055,440
Royal Bank of Scotland Group plc* (United Kingdom)	254,302		161,642
Societe Generale (France)	14,140		771,253
The Sumitomo Trust & Banking Co. Ltd. (Japan)	247,000		1,333,472

			10,319,769


4		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


COMMON STOCKS (continued)

Financials (continued)
Diversified Financial Services - 0.34%
ING Groep N.V. (Netherlands)	65,395	$	657,885

Insurance - 6.09%
Allianz SE (Germany)	32,620		2,992,908
Amil Participacoes S.A. (Brazil)	717,000		3,454,716
AXA S.A. (France)	44,892		843,169
Muenchener Rueckverisicherungs - Gesellschaft AG (Munich Re) (Germany)	32,400		4,368,871

			11,659,664

Real Estate Investment Trusts (REITS) - 1.02%
Alstria Office REIT AG (Germany)	250,000		1,949,755

Real Estate Management & Development - 0.02%
OSK Property Holdings Berhad (Malaysia)	243,091		35,983

Thrifts & Mortgage Finance - 0.52%
Aareal Bank AG* (Germany)	92,000		1,002,707

Total Financials			27,158,796

Health Care - 9.79%
Health Care Equipment & Supplies - 0.67%
Straumann Holding AG (Switzerland)	7,114		1,296,015

Pharmaceuticals - 9.12%
AstraZeneca plc (United Kingdom)	22,300		979,637
AstraZeneca plc - ADR (United Kingdom)	37,000		1,633,180
Bayer AG (Germany)	107,350		5,755,168
GlaxoSmithKline plc (United Kingdom)	138,000		2,425,613
Novartis AG - ADR (Switzerland)	49,000		1,998,710
Sanofi-Aventis (France)	21,083		1,238,228
Shire plc (United Kingdom)	170,000		2,336,486
Takeda Pharmaceutical Co. Ltd. (Japan)	28,000		1,093,023

			17,460,045

Total Health Care			18,756,060

Industrials - 10.08%
Airlines - 1.08%
Deutsche Lufthansa AG (Germany)	164,800		2,068,929

Commercial Services & Supplies - 1.69%
Taiwan Secom (Taiwan)	627,210		969,439
Tomra Systems ASA (Norway)	628,780		2,259,722

			3,229,161

Electrical Equipment - 0.69%
Teco Electric & Machinery Co. Ltd. (Taiwan)	3,280,000		1,309,920


The accompanying notes are an integral part of the financial statements.		5

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


COMMON STOCKS (continued)

Industrials (continued)
Industrial Conglomerates - 3.70%
Siemens AG (Germany)	92,300	$	6,373,776
Sonae (Portugal)	669,100		632,581
Sonae Capital S.A. (SGPS)* (Portugal)	83,637		78,603

			7,084,960

Machinery - 0.65%
FANUC Ltd. (Japan)	15,500		1,248,754

Road & Rail - 1.44%
All America Latina Logistica (ALL) (Brazil)	450,000		2,763,118

Transportation Infrastructure - 0.83%
Malaysia Airports Holdings Berhad (Malaysia)	1,716,000		1,592,417

Total Industrials			19,297,259

Information Technology - 3.93%
Communications Equipment - 0.33%
D-Link Corp. (Taiwan)	787,374		640,903

Electronic Equipment, Instruments & Components - 0.87%
KEYENCE Corp. (Japan)	5,445		1,113,647
Yageo Corp. (Taiwan)	2,690,000		543,708

			1,657,355

Semiconductors & Semiconductor Equipment - 1.44%
Hynix Semiconductor, Inc.* (South Korea)	66,000		707,254
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan)	218,473		2,055,831

			2,763,085

Software - 1.29%
SAP AG (Germany)	61,400		2,463,200

Total Information Technology			7,524,543

Materials - 3.84%
Chemicals - 0.01%
Arkema (France)	1,129		26,447

Construction Materials - 0.76%
Taiwan Cement Corp. (Taiwan)	1,518,827		1,453,910

Metals & Mining - 3.07%
Antofagasta plc - ADR (United Kingdom)	303,800		5,878,682

Total Materials			7,359,039

Telecommunication Services - 6.24%
Diversified Telecommunication Services - 4.77%
France Telecom S.A. (France)	124,500		2,822,123
France Telecom S.A. - ADR (France)	31,000		707,110


6		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Shares/ Principal Amount		Value (Note 2)


COMMON STOCKS (continued)

Telecommunication Services (continued)
Diversified Telecommunication Services (continued)
Portugal Telecom S.A. (SGPS) - ADR (Portugal)		94,250	$	920,822
Swisscom AG - ADR (Switzerland)		85,000		2,605,250
Telefonica S.A. - ADR (Spain)		18,250		1,238,993
Telenor ASA - ADR (Norway)		36,250		835,562

				9,129,860

Wireless Telecommunication Services - 1.47%
Digi.com Berhad (Malaysia)		227,000		1,434,500
SK Telecom Co. Ltd. - ADR (South Korea)		91,000		1,378,650

				2,813,150

Total Telecommunication Services				11,943,010

Utilities - 5.54%
Electric Utilities - 2.43%
E.ON AG (Germany)		131,211		4,643,578

Multi-Utilities - 1.88%
GDF Suez (France)		41,370		1,540,110
National Grid plc (United Kingdom)		229,000		2,062,469

				3,602,579

Water Utilities - 1.23%
Companhia de Saneamento de Minas Gerais - Copasa MG (Brazil)		182,000		2,358,606

Total Utilities				10,604,763

TOTAL COMMON STOCKS (Identified Cost $182,116,144)				171,071,062


SHORT-TERM INVESTMENTS - 10.03%
Dreyfus Cash Management, Inc. - Institutional Shares		6,212,589		6,212,589
Federal Home Loan Bank Discount Note, 7/15/2009	$	10,000,000		9,999,326
Federal Home Loan Bank Discount Note, 8/7/2009		3,000,000		2,999,620

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $19,211,519)				19,211,535

TOTAL INVESTMENTS - 99.36% (Identified Cost $201,327,663)				190,282,597

OTHER ASSETS, LESS LIABILITIES - 0.64%				1,231,234

NET ASSETS - 100%			$	191,513,831

*Non-income producing security

ADR - American Depository Receipt

The Series’ portfolio holds, as a percentage of net assets, greater than 10% in the following countries: United Kingdom - 18.49%; Germany - 17.48%; France - 13.35%.


The accompanying notes are an integral part of the financial statements.		7

Statement of Assets and Liabilities (unaudited)

June 30, 2009


ASSETS:


Investments, at value (identified cost $201,327,663) (Note 2)	$	190,282,597
Foreign currency, at value (cost $618,062)		617,579
Foreign tax reclaims receivable		355,220
Dividends receivable		350,264
Receivable for fund shares sold		226,327
Prepaid expenses		9,118

TOTAL ASSETS		191,841,105

LIABILITIES:

Accrued management fees (Note 3)		158,983
Accrued fund accounting and transfer agent fees (Note 3)		8,972
Accrued Chief Compliance Officer service fees (Note 3)		400
Payable for fund shares repurchased		101,849
Custodian fees payable		34,126
Audit fees payable		22,944

TOTAL LIABILITIES		327,274

TOTAL NET ASSETS	$	191,513,831

NET ASSETS CONSIST OF:

Capital stock	$	271,798
Additional paid-in-capital		199,874,745
Undistributed net investment income		3,535,386
Accumulated net realized loss on investments, foreign currency and translation of other assets and liabilities		(1,132,765	)
Net unrealized depreciation on investments, foreign currency and translation of other assets and liabilities		(11,035,333	)

TOTAL NET ASSETS	$	191,513,831

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE ($191,513,831/27,179,830 shares)	$	7.05


8		The accompanying notes are an integral part of the financial statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009


INVESTMENT INCOME:


Dividends (net of foreign tax withheld, $536,540)	$	4,286,943
Interest		12,284

Total Investment Income		4,299,227

EXPENSES:

Management fees (Note 3)		855,171
Fund accounting and transfer agent fees (Note 3)		54,634
Directors’ fees (Note 3)		6,123
Chief Compliance Officer service fees (Note 3)		1,899
Custodian fees		39,788
Miscellaneous		45,211

Total Expenses		1,002,826
Less reduction of expenses (Note 3)		(1,634	)

Net Expenses		1,001,192

NET INVESTMENT INCOME		3,298,035

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:

Net realized loss on -
Investments		(1,139,953	)
Foreign currency and translation of other assets and liabilities		(207	)

		(1,140,160	)


Net change in unrealized depreciation on -
Investments		9,805,683
Foreign currency and translation of other assets and liabilities		60,808

		9,866,491


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:		8,726,331

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,024,366


The accompanying notes are an integral part of the financial statements.		9

Statements of Changes in Net Assets


	For the Six Months Ended 6/30/09 (unaudited)			For the Year Ended 12/31/08

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:

Net investment income	$	3,298,035		$	5,748,981
Net realized gain (loss) on investments and foreign currency		(1,140,160	)		7,829,032
Net change in unrealized appreciation (depreciation) on investments and foreign currency		9,866,491			(104,908,391	)

Net increase (decrease) from operations		12,024,366			(91,330,378	)

DISTRIBUTIONS TO SHAREHOLDERS (Note 8):

From net investment income		—			(5,329,285	)
From net realized gain on investments		—			(12,640,693	)

Total distributions to shareholders		—			(17,969,978	)

CAPITAL STOCK ISSUED AND REPURCHASED:

Net increase (decrease) from capital share transactions (Note 5)		(2,783,065	)		21,493,340

Net increase (decrease) in net assets		9,241,301			(87,807,016	)

NET ASSETS:

Beginning of period		182,272,530			270,079,546

End of period (including undistributed net investment income of $3,535,386 and $237,351, respectively)	$	191,513,831		$	182,272,530


10		The accompanying notes are an integral part of the financial statements.

Financial Highlights


	For the Six Months Ended 6/30/09 *(unaudited)*	*For the Years Ended*
	For the Six Months Ended 6/30/09 *(unaudited)*	*12/31/08*	*12/31/07*	*12/31/06*	*12/31/05*	*12/31/04*

Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$6.57	$10.87	$9.84	$9.90	$9.52	$8.83

Income (loss) from investment operations:
Net investment income	0.12	0.22	0.15	0.15	0.11	0.08
Net realized and unrealized gain (loss) on investments	0.36	(3.82)	1.12	2.01	1.21	1.44

Total from investment operations	0.48	(3.60)	1.27	2.16	1.32	1.52


Less distributions to shareholders:
From net investment income	—	(0.21)	(0.14)	(0.15)	(0.11)	(0.08)
From net realized gain on investments	—	(0.49)	(0.10)	(2.07)	(0.83)	(0.75)

Total distributions to shareholders	—	(0.70)	(0.24)	(2.22)	(0.94)	(0.83)

Net asset value - End of period	$7.05	$6.57	$10.87	$9.84	$9.90	$9.52

Net assets - End of period (000’s omitted)	$191,514	$182,273	$270,080	$215,981	$193,168	$165,917

Total return¹	7.31%	(33.25%)	13.01%	21.96%	13.99%	17.67%
Ratios (to average net assets)/Supplemental Data:
Expenses	1.17%*²	1.15%	1.16%	1.18%	1.24%	1.29%
Net investment income	3.86%²	2.49%	1.47%	1.39%	1.10%	0.86%
Portfolio turnover	5%	9%	20%	30%	35%	19%

*The advisor did not impose all of its fund accounting and transfer agent fees during the period ended 6/30/09. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have been increased by 0.00%^2,3.

¹Represents aggregate total return for the period indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived during certain periods. Periods less than one year are not annualized.

²Annualized.

³Less than 0.01%.


The accompanying notes are an integral part of the financial statements.		11

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

International Series (the “Series”) is a no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The Series’ investment objective is to provide long-term growth by investing principally in the common stocks of companies located outside the United States.

The Fund’s Advisor is Manning & Napier Advisors, Inc. (the “Advisor”). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The Series resumed offering shares directly to investors on May 18, 2004, as it had done previously from time to time. The total authorized capital stock of the Fund consists of 10.0 billion shares of common stock each having a par value of $0.01. As of June 30, 2009, 4.5 billion shares have been designated in total among 28 series, of which 100 million have been designated as International Series Class A common stock.

2.	SIGNIFICANT ACCOUNTING POLICIES

Security Valuation

Portfolio securities, including domestic equities, foreign equities, exchange-traded funds and options, listed on an exchange other than the NASDAQ National Market System are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Fund’s pricing service. Securities listed on the NASDAQ National Market System are valued in accordance with the NASDAQ Official Closing Price.

Securities for which representative valuations or prices are not available from the Fund’s pricing service may be valued at fair value. Due to the inherent uncertainty of valuations of such securities, the fair value may differ significantly from the values that would have been used had a ready market for such securities existed. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account. Fair value is determined in good faith by the Advisor under procedures approved by and under the general supervision and responsibility of the Fund’s Board of Directors (the “Board”).

Short-term investments that mature in sixty days or less are valued at amortized cost, which approximates market value. Investments in open-end investment companies are valued at their net asset value per share on valuation date, with the exception of exchange-traded funds, which are valued at the closing price on the exchange.

FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) established a three-tier hierarchy for measuring fair value and requires additional disclosure about the classification of fair value measurements. In April 2009, FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions that are not Orderly (“FSP 157-4”) was issued and is effective for financial statements and interim periods ending after June 15, 2009. FSP 157-4 clarifies FAS 157 and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for an asset or liability such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. FSP 157-4


12

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Valuation (continued)

also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. The impact on the Series resulting from the adoption of this FSP is expanded disclosure as shown below.

Various inputs are used in determining the value of the Series’ assets or liabilities carried at market value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments.) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the levels used as of June 30, 2009 in valuing the Series’ assets or liabilities carried at market value:


*Description:*	*6/30/2009*		*Level 1*		*Level 2*		*Level 3*
Equity securities*	$	171,071,062	$	161,682,140	$	9,388,922	$	—
Preferred securities		—		—		—		—
Debt securities:		—		—		—		—
US Treasury and other US government agencies		12,998,946		—		12,998,946		—
Mutual funds		6,212,589		6,212,589		—		—
Other financial instruments**		—		—		—		—

Total	$	190,282,597	$	167,894,729	$	22,387,868	$	—

*Includes common stock, warrants and rights.

**Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2009, the Series did not hold any derivative instruments.

There were no Level 3 securities held by the Series as of December 31, 2008 or June 30, 2009.

Security Transactions, Investment Income and Expenses

Security transactions are accounted for on trade date. Dividend income is recorded on the ex-dividend date, except that if the ex-dividend date has passed, certain dividends from foreign securities are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Interest income, including amortization of premium and accretion of discounts using the effective interest method, is earned from settlement date and accrued daily.

Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in the Fund in such a manner as deemed equitable by the Fund’s Board, taking into consideration, among other things, the nature and type of expense.

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.


		13

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Foreign Currency Translation

The books and records of the Series are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. The Series does not isolate realized and unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the market value of investments. Such fluctuations are included with net realized and unrealized gain or loss on investments. Net realized foreign currency gains and losses represent foreign currency gains and losses between trade date and settlement date on securities transactions, gains and losses on disposition of foreign currencies and the difference between the amount of income and foreign withholding taxes recorded on the books of the Series and the amounts actually received or paid.

Federal Taxes

The Series’ policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Series is not subject to federal income tax or excise tax to the extent that the Series distributes to shareholders each year its taxable income, including any net realized gains on investments, in accordance with requirements of the Internal Revenue Code. Accordingly, no provision for federal income tax or excise tax has been made in the financial statements.

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. At June 30, 2009, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series’ tax returns remains open for the years ended December 31, 2005 through December 31, 2008. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Additionally, based on the Fund’s understanding of the tax rules and rates related to income, gains and transactions for foreign jurisdictions in which it invests, the Series will provide for foreign taxes, and where appropriate, deferred foreign tax.

Distributions of Income and Gains

Distributions to shareholders of net investment income and net realized gains are made annually. An additional distribution may be necessary to avoid taxation of the Series. Distributions are recorded on the ex-dividend date.

Recent Accounting Pronouncements


14

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Recent Accounting Pronouncements (continued)

credit derivatives to make disclosure that will enable financial statement users to assess the potential effects of those credit derivatives on an entity’s financial position and financial performance. FIN 45-4 amends FIN 45 to require additional disclosure about the current status of the payment/performance risk of a guarantee. Management has concluded that the adoption of FAS 133-1 and FIN 45-4 does not have an effect on the Series’ financial statements as the Series does not hold any credit derivatives or guarantees as of June 30, 2009.

Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”) was also implemented during the period. FAS 161 requires enhanced disclosures about the Series’ derivative and hedging activities, including how such activities are accounted for and their effect on the Series’ financial position and performance. Management has concluded that the adoption of FAS 161 does not have an effect on the Series’ financial statements as the Series did not have any derivative or hedging activities for the six months ended June 30, 2009.

Indemnifications

The Fund’s organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

3.	TRANSACTIONS WITH AFFILIATES

The Fund has an Investment Advisory Agreement (the “Agreement”) with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 1.00% of the Series’ average daily net assets.

Under the Agreement, personnel of the Advisor provide the Series with advice and assistance in the choice of investments and the execution of securities transactions, and otherwise maintain the Series’ organization. The Advisor also provides the Fund with necessary office space and fund administration and support services. The salaries of all officers of the Fund (except a percentage of the Fund’s Chief Compliance Officer’s salary, which is paid by the Fund), and of all Directors who are “affiliated persons” of the Fund, or of the Advisor, and all personnel of the Fund, or of the Advisor, performing services relating to research, statistical and investment activities, are paid by the Advisor. Each “non-affiliated” Director receives an annual stipend, which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended for each active series of the Fund plus a fee for each committee meeting attended.


		15

Notes to Financial Statements (unaudited)

3.	TRANSACTIONS WITH AFFILIATES (continued)

Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund’s shares. The services of Manning & Napier Investor Services, Inc. are provided at no additional cost to the Series.

For fund accounting and transfer agent services, the Fund pays the Advisor an annual fee of 0.055% of the Fund’s average daily net assets up to $4.5 billion, 0.03% of the Fund’s average daily net assets between $4.5 billion and $7.5 billion, and 0.02% of the Fund’s average daily net assets over $7.5 billion. Additionally, certain transaction and account-based fees and out-of-pocket expenses, including charges for reporting relating to the Fund’s compliance program, are charged. Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense. The Advisor has an agreement with Citi Fund Services Ohio, Inc. (“Citi”) under which Citi serves as sub-accountant and sub-transfer agent. The Advisor voluntarily agreed to waive a portion of the fund accounting and transfer agent fees for the period March 1, 2009 to April 30, 2009. Accordingly, the Advisor waived fees of $1,634, which is included as a reduction of expenses on the Statement of Operations.

4.	PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2009, purchases and sales of securities, other than United States Government securities and short-term securities, were $7,947,347 and $7,899,333, respectively. There were no purchases or sales of United States Government securities.

5.	CAPITAL STOCK TRANSACTIONS

Transactions in shares of International Series were:


	For the Six Months Ended 6/30/09					For the Year Ended 12/31/08
	Shares		Amount			Shares		Amount
Sold	1,565,913		$	9,973,606		3,218,386		$	29,077,214
Reinvested	—			—		2,584,702			17,625,216
Repurchased	(2,132,453	)		(12,756,671	)	(2,903,240	)		(25,209,090	)

Total	(566,540	)	$	(2,783,065	)	2,899,848		$	21,493,340

Substantially all of the Series’ shares represent investments by fiduciary accounts over which the Advisor has sole investment discretion.

6.	FINANCIAL INSTRUMENTS

The Series may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments include written options, forward foreign currency exchange contracts and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. No such investments were held by the Series on June 30, 2009.

7.	FOREIGN SECURITIES

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of domestic companies and


16

Notes to Financial Statements (unaudited)

7.	FOREIGN SECURITIES (continued)

the United States Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of comparable domestic companies and the United States Government.

8.	FEDERAL INCOME TAX INFORMATION

The amount and characterization of certain income and capital gains to be distributed are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. The Series may periodically make reclassifications among its capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations, without impacting the Series’ net asset value. Any such reclassifications are not reflected in the financial highlights.

The tax character of distributions paid for the year ended December 31, 2008 were as follows:


Ordinary income	$	8,571,250
Long-term capital gains		9,398,728

For the year ended December 31, 2008, the Series elected to defer $6 of currency losses attributable to Post-October losses.

At June 30, 2009, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized depreciation were as follows:


Cost for federal income tax purposes	$	201,743,256
Unrealized appreciation	$	25,985,548
Unrealized depreciation		(37,446,207	)

Net unrealized depreciation	$	(11,460,659	)

9.	SUBSEQUENT EVENTS

There were no subsequent events that require recognition or disclosure. In preparing these financial statements, management of the Fund has evaluated events and transactions for potential recognition or disclosure through August 28, 2009, the date the financial statements were issued.


		17

Literature Requests (unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:


By phone		1-800-466-3863
On the Securities and Exchange Commission’s (SEC) web site		http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30^th is available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Quarterly Portfolio Holdings

The Series’ complete schedule of portfolio holdings for the 1^st and 3^rd quarters of each fiscal year are provided on Form N-Q, and are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

The Series’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Prospectus and Statement of Additional Information (SAI)

The prospectus and SAI provide additional information about each Series, including charges, expenses and risks. These documents are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov
On the Advisor’s web site		http://www.manningnapieradvisors.com

Additional information available at www.manningnapieradvisors.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual


		18

Manning & Napier Fund, Inc.


WORLD OPPORTUNITIES SERIES		\|		Semi-Annual Report - June 30, 2009

LOGO

Shareholder Expense Example (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2009 to June 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 1/1/09		Ending Account Value 6/30/09		Expenses Paid During Period 1/1/09-6/30/09*
Actual	$	1,000.00	$	1,108.80	$	6.01
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 1.15%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses are based on the most recent fiscal half year. The Series’ total return would have been lower had certain expenses not been waived during the period.


		1

Portfolio Composition as of June 30, 2009 (unaudited)

Country Allocation¹

LOGO

¹As a percentage of net assets.

²Miscellaneous

China 0.8%

Denmark 1.5%

Finland 1.9%

Hong Kong 0.3%

Mexico 2.0%

Singapore 0.8%

South Korea 1.5%

Spain 1.0%

United States 1.5%

Thailand 0.6%

Sector Allocation³

LOGO

³As a percentage of net assets.


2

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


COMMON STOCKS - 91.3%

Consumer Discretionary - 7.5%
Automobiles - 0.7%
Suzuki Motor Corp. (Japan)	731,000	$	16,468,750

Hotels, Restaurants & Leisure - 0.6%
Club Mediterranee S.A.* (France)	852,070		12,728,880

Leisure Equipment & Products - 1.1%
Sankyo Co. Ltd. (Japan)	445,500		23,819,819

Media - 4.1%
Grupo Televisa S.A. - ADR (Mexico)	2,596,550		44,141,350
Societe Television Francaise 1 (France)	4,188,150		46,956,675

			91,098,025

Textiles, Apparel & Luxury Goods - 1.0%
Adidas AG (Germany)	576,650		21,871,788

Total Consumer Discretionary			165,987,262

Consumer Staples - 15.6%
Beverages - 3.5%
Carlsberg A/S - Class B (Denmark)	524,150		33,625,313
Heineken N.V. (Netherlands)	1,191,440		44,187,448

			77,812,761

Food & Staples Retailing - 2.1%
Carrefour S.A. (France)	1,051,440		44,865,137

Food Products - 8.0%
Cadbury plc (United Kingdom)	5,156,340		43,937,887
Nestle S.A. (Switzerland)	1,238,070		46,637,047
Unilever plc - ADR (United Kingdom)	3,686,930		86,642,855

			177,217,789

Personal Products - 2.0%
L’Oreal S.A. (France)	296,440		22,152,643
Natura Cosmeticos S.A. (Brazil)	1,736,920		22,695,566

			44,848,209

Total Consumer Staples			344,743,896

Energy - 6.2%
Energy Equipment & Services - 4.7%
Calfrac Well Services Ltd. (Canada)	2,675,590		28,414,770
Compagnie Generale de Geophysique - Veritas (CGG - Veritas)* (France)	2,670,960		47,993,432
Trican Well Service Ltd. (Canada)	3,111,750		26,812,052

			103,220,254


The accompanying notes are an integral part of the financial statements.		3

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


COMMON STOCKS (continued)

Energy (continued)
Oil, Gas & Consumable Fuels - 1.5%
Talisman Energy, Inc. (Canada)	2,290,230	$	32,908,886

Total Energy			136,129,140

Financials - 4.1%
Commercial Banks - 0.5%
Societe Generale (France)	202,060		11,021,171

Diversified Financial Services - 0.9%
Financiere Marc de Lacharriere S.A. (Fimalac) (France)	387,031		21,178,100

Insurance - 2.7%
Allianz SE (Germany)	412,810		37,875,611
Willis Group Holdings Ltd. (United Kingdom)	823,890		21,198,690

			59,074,301

Total Financials			91,273,572

Health Care - 21.1%
Health Care Equipment & Supplies - 7.8%
Covidien plc (Ireland)	1,908,970		71,471,837
Mindray Medical International Ltd. - ADR (China)	610,120		17,034,550
Nobel Biocare Holding AG (Switzerland)	1,398,870		30,545,150
Straumann Holding AG (Switzerland)	119,500		21,770,275
Synthes, Inc. (United States)	336,710		32,514,848

			173,336,660

Health Care Providers & Services - 6.1%
BML, Inc. (Japan)	563,600		12,521,844
Bumrungrad Hospital Public Co. Ltd. - NVDR (Thailand)	18,194,700		13,897,244
Diagnosticos da America S.A.* (Brazil)	1,550,090		27,295,889
Sonic Healthcare Ltd. (Australia)	8,256,390		81,944,659

			135,659,636

Life Sciences Tools & Services - 4.1%
Lonza Group AG (Switzerland)	671,560		66,704,708
QIAGEN N.V.* (Netherlands)	1,227,360		22,816,622

			89,521,330

Pharmaceuticals - 3.1%
Novartis AG - ADR (Switzerland)	1,424,130		58,090,263
Santen Pharmaceutical Co. Ltd. (Japan)	349,600		10,652,782

			68,743,045

Total Health Care			467,260,671


4		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


COMMON STOCKS (continued)

Industrials - 15.2%
Aerospace & Defense - 2.7%
Empresa Brasileira de Aeronautica S.A. (Embraer) - ADR (Brazil)	3,657,050	$	60,560,748

Air Freight & Logistics - 2.5%
TNT N.V. (Netherlands)	2,876,219		55,857,334

Airlines - 1.8%
Ryanair Holdings plc - ADR* (Ireland)	778,610		22,104,738
Singapore Airlines Ltd. (Singapore)	1,936,000		17,781,092

			39,885,830

Electrical Equipment - 4.4%
ABB Ltd. (Asea Brown Boveri) - ADR (Switzerland)	2,750,030		43,395,473
Gamesa Corporacion Tecnologica S.A. (Spain)	1,159,520		21,973,482
Nexans S.A. (France)	597,590		31,739,975

			97,108,930

Industrial Conglomerates - 3.8%
Siemens AG (Germany)	902,570		62,326,971
Tyco International Ltd. (Switzerland)	823,500		21,394,530

			83,721,501

Total Industrials			337,134,343

Information Technology - 18.7%
Communications Equipment - 3.7%
Alcatel-Lucent - ADR* (France)	16,291,070		40,401,854
Nokia Corp. - ADR (Finland)	2,836,450		41,355,441

			81,757,295

IT Services - 5.7%
Amdocs Ltd.* (Guernsey)	4,180,450		89,670,653
Redecard S.A. (Brazil)	2,315,670		35,458,401

			125,129,054

Semiconductors & Semiconductor Equipment - 3.5%
ASML Holding N.V. (Netherlands)	2,083,710		45,040,708
Tokyo Electron Ltd. (Japan)	666,800		32,329,277

			77,369,985

Software - 5.8%
Misys plc (United Kingdom)	10,355,270		29,384,505
SAP AG - ADR (Germany)	804,900		32,348,931
Square Enix Holdings Co. Ltd. (Japan)	1,006,300		23,663,512
UbiSoft Entertainment S.A.* (France)	1,809,060		44,014,175

			129,411,123

Total Information Technology			413,667,457


The accompanying notes are an integral part of the financial statements.		5

Investment Portfolio - June 30, 2009 (unaudited)


	Shares/ Principal Amount		Value (Note 2)


COMMON STOCKS (continued)

Materials - 1.1%
Chemicals - 0.7%
Johnson Matthey plc (United Kingdom)		840,628	$	15,916,480

Paper & Forest Products - 0.4%
Norbord, Inc. (Canada)		7,911,480		9,184,365

Total Materials				25,100,845

Telecommunication Services - 1.8%
Diversified Telecommunication Services - 0.1%
Hutchison Telecommunications Hong Kong Holdings Ltd.* (Hong Kong)		17,400,000		2,379,932
Hutchison Telecommunications Hong Kong Holdings Ltd. - ADR* (Hong Kong)		135,670		284,907

				2,664,839

Wireless Telecommunication Services - 1.7%
Hutchison Telecommunications International Ltd. (Hong Kong)		17,400,000		4,086,299
Hutchison Telecommunications International Ltd. - ADR (Hong Kong)		135,670		481,629
SK Telecom Co. Ltd. - ADR (South Korea)		2,175,190		32,954,129

				37,522,057

Total Telecommunication Services				40,186,896

TOTAL COMMON STOCKS (Identified Cost $2,260,044,794)				2,021,484,082


PREFERRED STOCKS - 1.4%
Consumer Staples - 1.4%
Household Products - 1.4%
Henkel AG & Co. KGaA (Germany) (Identified Cost $33,899,584)		1,033,220		32,116,474



SHORT-TERM INVESTMENTS - 7.4%
Dreyfus Cash Management, Inc. - Institutional Shares		62,960,768		62,960,768
Federal Home Loan Bank Discount Note, 8/7/2009	$	100,000,000		99,983,374

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $162,946,378)				162,944,142


6		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Value (Note 2)
TOTAL INVESTMENTS - 100.1% (Identified Cost $2,456,890,756)	$	2,216,544,698

LIABILITIES, LESS OTHER ASSETS - (0.1%)		(2,702,753	)

NET ASSETS - 100%	$	2,213,841,945

*Non-income producing security

ADR - American Depository Receipt

NVDR - Non-Voting Depository Receipt

The Series’ portfolio holds, as a percentage of net assets, greater than 10% in the following countries: France - 14.6%; Switzerland - 13.0%.


The accompanying notes are an integral part of the financial statements.		7

Statement of Assets and Liabilities (unaudited)

June 30, 2009


ASSETS:


Investments, at value (identified cost $2,456,890,756) (Note 2)	$	2,216,544,698
Foreign currency, at value (cost $130,506)		133,834
Receivable for fund shares sold		14,372,137
Foreign tax reclaims receivable		1,730,616
Dividends receivable		498,493
Prepaid expenses		33,663

TOTAL ASSETS		2,233,313,441

LIABILITIES:

Accrued management fees (Note 3)		1,751,953
Accrued fund accounting and transfer agent fees (Note 3)		184,955
Accrued Chief Compliance Officer service fees (Note 3)		400
Payable for securities purchased		16,417,210
Payable for fund shares repurchased		1,094,321
Audit fees payable		22,657

TOTAL LIABILITIES		19,471,496

TOTAL NET ASSETS	$	2,213,841,945

NET ASSETS CONSIST OF:

Capital stock	$	3,396,290
Additional paid-in-capital		2,550,656,109
Undistributed net investment income		34,392,829
Accumulated net realized loss on investments, foreign currency and translation of other assets and liabilities		(134,291,140	)
Net unrealized depreciation on investments, foreign currency and translation of other assets and liabilities		(240,312,143	)

TOTAL NET ASSETS	$	2,213,841,945

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - CLASS A ($2,213,841,945/339,628,996 shares)	$	6.52


8		The accompanying notes are an integral part of the financial statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009


INVESTMENT INCOME:


Dividends (net of foreign tax withheld, $3,160,728)	$	26,612,387
Interest		45,430

Total Investment Income		26,657,817

EXPENSES:

Management fees (Note 3)		7,848,658
Fund accounting and transfer agent fees (Note 3)		889,172
Directors’ fees (Note 3)		6,123
Chief Compliance Officer service fees (Note 3)		1,899
Custodian fees		111,531
Miscellaneous		188,394

Total Expenses		9,045,777
Less reduction of expenses (Note 3)		(21,617	)

Net Expenses		9,024,160

NET INVESTMENT INCOME		17,633,657

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:

Net realized gain (loss) on -
Investments		(92,980,395	)
Foreign currency and translation of other assets and liabilities		169,219

		(92,811,176	)

Net change in unrealized depreciation on -
Investments		275,048,014
Foreign currency and translation of other assets and liabilities		55,386

		275,103,400


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		182,292,224

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	199,925,881


The accompanying notes are an integral part of the financial statements.		9

Statements of Changes in Net Assets


	For the Six Months Ended 6/30/09 (unaudited)			For the Year Ended 12/31/08

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:

Net investment income	$	17,633,657		$	22,557,806
Net realized loss on investments and foreign currency		(92,811,176	)		(42,209,203	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency		275,103,400			(557,735,908	)

Net increase (decrease) from operations		199,925,881			(577,387,305	)

DISTRIBUTIONS TO SHAREHOLDERS (Note 8):

From net investment income		—			(5,302,658	)
From net realized gain on investments		—			(25,379,417	)

Total distributions to shareholders		—			(30,682,075	)

CAPITAL STOCK ISSUED AND REPURCHASED:

Net increase from capital share transactions (Note 5)		673,858,571			1,106,263,251

Net increase in net assets		873,784,452			498,193,871

NET ASSETS:

Beginning of period		1,340,057,493			841,863,622

End of period (including undistributed net investment income of $34,392,829 and $16,759,172, respectively)	$	2,213,841,945		$	1,340,057,493


10		The accompanying notes are an integral part of the financial statements.

Financial Highlights


	For the Six Months Ended 6/30/09 (unaudited)	*For the Years Ended*
	For the Six Months Ended 6/30/09 (unaudited)	*12/31/08*	*12/31/07*	*12/31/06*	*12/31/05*	*12/31/04*


Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$5.88	$10.07	$9.58	$8.46	$8.33	$6.84

Income (loss) from investment operations:
Net investment income	0.03	0.10	0.05	0.12	0.07	0.05
Net realized and unrealized gain (loss) on investments	0.61	(4.08)	1.36	2.71	0.87	1.68

Total from investment operations	0.64	(3.98)	1.41	2.83	0.94	1.73


Less distributions to shareholders:
From net investment income	—	(0.03)	(0.05)	(0.14)	(0.07)	(0.06)
From net realized gain on investments	—	(0.18)	(0.87)	(1.57)	(0.74)	(0.18)

Total distributions to shareholders	—	(0.21)	(0.92)	(1.71)	(0.81)	(0.24)

Net asset value - End of period	$6.52	$5.88	$10.07	$9.58	$8.46	$8.33

Net assets - End of period (000’s omitted)	$2,213,842	$1,340,057	$841,864	$317,121	$206,636	$160,895

Total return¹	10.88%	(40.07%)	15.13%	33.88%	11.33%	25.42%
Ratios (to average net assets)/Supplemental Data:
Expenses	1.15%*²	1.16%	1.14%	1.16%	1.21%	1.26%
Net investment income	2.24%²	2.17%	0.75%	1.35%	0.95%	0.75%
Portfolio turnover	15%	34%	49%	64%	46%	42%

*The investment advisor did not impose all of its fund accounting and transfer agent fees for the period ended 6/30/09. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have been increased by 0.00%^2,3.

²Annualized.

³Less than 0.01%.


The accompanying notes are an integral part of the financial statements.		11

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

World Opportunities Series (the “Series”) is a no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The Series’ investment objective is to provide long-term growth by investing principally in the common stocks of companies located around the world.

The Series is authorized to issue five classes of shares (Class A, B, D, E and Z). Currently, only Class A shares have been issued. Each class of shares is substantially the same, except that class-specific distribution and shareholder servicing expenses are borne by the specific class of shares to which they relate.

The Fund’s Advisor is Manning & Napier Advisors, Inc. (the “Advisor”). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 10.0 billion shares of common stock each having a par value of $0.01. As of June 30, 2009, 4.5 billion shares have been designated in total among 28 series, of which 1.2 billion have been designated as World Opportunities Series Class A common stock.

2.	SIGNIFICANT ACCOUNTING POLICIES

Security Valuation


12

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Valuation (continued)

determine whether there has been a significant decrease in volume and level of activity for an asset or liability such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. FSP 157-4 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. The impact on the Series resulting from the adoption of this FSP is expanded disclosure as shown below.

The following is a summary of the levels used as of June 30, 2009 in valuing the Series’ assets or liabilities carried at market value:


*Description:*	*6/30/2009*		*Level 1*		*Level 2*		*Level 3*
Equity securities*	$	2,021,484,082	$	2,021,484,082	$	—	$	—
Preferred securities		32,116,474		32,116,474		—		—
Debt securities:		—		—		—		—
US Treasury and other US government agencies		99,983,374		—		99,983,374		—
Mutual funds		62,960,768		62,960,768		—		—
Other financial instruments**		—		—		—		—

Total	$	2,216,544,698	$	2,116,561,324	$	99,983,374	$	—

*Includes common stock, warrants and rights.

There were no Level 3 securities held by the Series as of December 31, 2008 or June 30, 2009.

Security Transactions, Investment Income and Expenses


		13

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Transactions, Investment Income and Expenses (continued)

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

Foreign Currency Translation

Federal Taxes

Distributions of Income and Gains


14

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Recent Accounting Pronouncements

FASB Staff Position (FSP) 133-1 and FIN 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45 was implemented during the period. FSP 133-1 amends FAS 133 to require sellers of credit derivatives to make disclosure that will enable financial statement users to assess the potential effects of those credit derivatives on an entity’s financial position and financial performance. FIN 45-4 amends FIN 45 to require additional disclosure about the current status of the payment/performance risk of a guarantee. Management has concluded that the adoption of FAS 133-1 and FIN 45-4 does not have an effect on the Series’ financial statements as the Series does not hold any credit derivatives or guarantees as of June 30, 2009.

Indemnifications

Other

3.	TRANSACTIONS WITH AFFILIATES


		15

Notes to Financial Statements (unaudited)

3.	TRANSACTIONS WITH AFFILIATES (continued)

which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended for each active series of the Fund plus a fee for each committee meeting attended.

For fund accounting and transfer agent services, the Fund pays the Advisor an annual fee of 0.055% of the Fund’s average daily net assets up to $4.5 billion, 0.03% of the Fund’s average daily net assets between $4.5 billion and $7.5 billion, and 0.02% of the Fund’s average daily net assets over $7.5 billion. Additionally, certain transaction and account-based fees and out-of-pocket expenses, including charges for reporting relating to the Fund’s compliance program, are charged. Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense. The Advisor has an agreement with Citi Fund Services Ohio, Inc. (“Citi”) under which Citi serves as sub-accountant and sub-transfer agent. The Advisor voluntarily agreed to waive a portion of the fund accounting and transfer agent fees for the period March 1, 2009 to April 30, 2009. Accordingly, the Advisor waived fees of $21,617, which is included as a reduction of expenses on the Statement of Operations.

4.	PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2009, purchases and sales of securities, other than United States Government securities and short-term securities, were $845,583,960 and $224,970,539, respectively. There were no purchases or sales of United States Government securities.

5.	CAPITAL STOCK TRANSACTIONS

Transactions in Class A shares of World Opportunities Series were:


	For the Six Months Ended 6/30/09					For the Year Ended 12/31/08
	Shares		Amount			Shares		Amount
Sold	165,369,016		$	968,326,349		205,450,755		$	1,542,940,375
Reinvested	—			—		3,218,909			24,925,839
Repurchased	(53,808,452	)		(294,467,778	)	(64,232,889	)		(461,602,963	)

Total	111,560,564		$	673,858,571		144,436,775		$	1,106,263,251

Approximately 7% of the Series’ shares represent investments by fiduciary accounts over which the Advisor has sole investment discretion.

6.	FINANCIAL INSTRUMENTS

The Series may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial investments include written options, forward foreign currency exchange contracts and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. No such investments were held by the Series on June 30 , 2009.


16

Notes to Financial Statements (unaudited)

7.	FOREIGN SECURITIES

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of domestic companies and the United States Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of comparable domestic companies and the United States Government.

8.	FEDERAL INCOME TAX INFORMATION

The tax character of distributions paid for the year ended December 31, 2008 were as follows:


Ordinary income	$	9,943,598
Long-term capital gains		20,738,477

For the year ended December 31, 2008, the Series elected to defer $17,461,454 of capital losses attributable to Post-October losses.

At December 31, 2008, the Series had a capital loss carryover of $23,990,865, available to the extent allowed by tax law to offset future net capital gain, if any, which will expire on December 31, 2016.


Cost for federal income tax purposes	$	2,456,918,401
Unrealized appreciation	$	82,828,400
Unrealized depreciation		(323,202,103	)

Net unrealized depreciation	$	(240,373,703	)

9.	SUBSEQUENT EVENTS


		17

Literature Requests (unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:


By phone		1-800-466-3863
On the Securities and Exchange Commission’s (SEC) web site		http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30^th is available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Quarterly Portfolio Holdings

The Series’ complete schedule of portfolio holdings for the 1^st and 3^rd quarters of each fiscal year are provided on Form N-Q, and are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

The prospectus and SAI provide additional information about each Series, including charges, expenses and risks. These documents are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov
On the Advisor’s web site		http://www.manningnapieradvisors.com

Additional information available at www.manningnapieradvisors.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual


18

Manning & Napier Fund, Inc.


LIFE SCIENCES SERIES		\|		Semi-Annual Report - June 30, 2009

LOGO

Shareholder Expense Example (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2009 to June 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes


	*Beginning* *Account Value* *1/1/09*		*Ending* *Account Value* *6/30/09*		*Expenses Paid* During Period* *1/1/09-6/30/09*
Actual	$	1,000.00	$	1,203.10	$	6.17
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.19	$	5.66

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 1.13%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses are based on the most recent fiscal half year. The Series’ total return would have been lower had certain expenses not been waived during the period.


		1

Portfolio Composition as of June 30, 2009 (unaudited)

Sector Allocation¹

LOGO

¹As a percentage of net assets.

Top Ten Stock Holdings²


Dexcom, Inc.	6.62%	Gen-Probe, Inc.	4.86%
Covidien plc (Ireland)	5.72%	Abaxis, Inc.	4.54%
Inverness Medical Innovations, Inc.	5.53%	DENTSPLY International, Inc.	4.31%
bioMerieux (France)	5.13%	Sonic Healthcare Ltd. (Australia)	4.15%
Eclipsys Corp.	4.93%	Icon plc – ADR (Ireland)	3.58%

²As a percentage of total investments.


2

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


COMMON STOCKS - 91.01%

Financials - 0.03%
Insurance - 0.03%
Avalon HealthCare Holdings, Inc.*^1,2,3,4	38,359	$	57,538


Health Care - 90.98%
Biotechnology - 3.28%
Celera Corp.*	955,000		7,286,650

Health Care Equipment & Supplies - 55.16%
Abaxis, Inc.*	480,000		9,859,200
Align Technology, Inc.*	475,000		5,035,000
bioMerieux (France) (Note 7)	127,252		11,148,897
Covidien plc (Ireland) (Note 7)	332,000		12,430,080
DENTSPLY International, Inc.	307,000		9,369,640
Dexcom, Inc.*	2,323,200		14,380,608
Gen-Probe, Inc.*	246,000		10,573,080
Hologic, Inc.*	420,000		5,976,600
Inverness Medical Innovations, Inc.*	216,000		7,685,280
Inverness Medical Innovations, Inc.*^3,5	122,000		4,340,760
Micrus Endovascular Corp.*	283,194		2,560,074
Nobel Biocare Holding AG (Switzerland) (Note 7)	242,000		5,284,212
OraSure Technologies, Inc.*	1,246,000		3,077,620
Orthofix International N.V.* (Netherlands Antilles) (Note 7)	46,000		1,150,460
Sirona Dental Systems, Inc.*	293,000		5,857,070
Straumann Holding AG (Switzerland) (Note 7)	22,917		4,174,974
Synthes, Inc.	53,000		5,118,015
Zoll Medical Corp.*	243,100		4,701,554

			122,723,124

Health Care Providers & Services - 11.85%
Bio-Reference Laboratories, Inc.*	215,000		6,796,150
Diagnosticos da America S.A.* (Brazil) (Note 7)	250,000		4,402,307
Sonic Healthcare Ltd. (Australia) (Note 7)	910,000		9,031,749
VCA Antech, Inc.*	230,000		6,141,000

			26,371,206

Health Care Technology - 7.33%
Allscripts - Misys Healthcare Solutions, Inc.	352,760		5,594,774
Eclipsys Corp.*	603,000		10,721,340

			16,316,114


The accompanying notes are an integral part of the financial statements.		3

Investment Portfolio - June 30, 2009 (unaudited)


	Shares/ Principal Amount		Value (Note 2)

COMMON STOCKS (continued)

Health Care (continued)
Life Sciences Tools & Services - 13.36%
Caliper Life Sciences, Inc.*		2,578,423	$	4,563,809
Exelixis, Inc.*		1,120,400		5,456,348
Icon plc - ADR* (Ireland) (Note 7)		360,400		7,777,432
Luminex Corp.*		50,324		933,007
Pharmaceutical Product Development, Inc. (PPD)		199,440		4,630,997
QIAGEN N.V.* (Netherlands) (Note 7)		342,460		6,366,331

				29,727,924

Total Health Care				202,425,018

TOTAL COMMON STOCKS (Identified Cost $214,320,423)				202,482,556


PREFERRED STOCKS - 0.62%
Financials - 0.62%
Insurance - 0.62%
Avalon HealthCare Holdings, Inc. - Series D*^1,2,3,6 (Identified Cost $2,312,500)		925,000		1,387,500


WARRANTS - 0.04%
Financials - 0.01%
Insurance - 0.01%
Avalon HealthCare Holdings, Inc., 2/27/2014^1,2,3,7		38,359		15,344

Health Care - 0.03%
Life Sciences Tools & Services - 0.03%
Caliper Life Sciences, Inc., 8/15/2010^2,3,8		285,000		55,730
Caliper Life Sciences, Inc., 8/10/2011		401,109		24,066

Total Health Care				79,796

TOTAL WARRANTS (Identified Cost $560,760)				95,140


SHORT-TERM INVESTMENTS - 6.03%
Dreyfus Cash Management, Inc. - Institutional Shares		6,411,347		6,411,347
Federal Home Loan Bank Discount Note, 8/7/2009	$	7,000,000		6,998,836

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $13,410,340)				13,410,183

TOTAL INVESTMENTS - 97.70% (Identified Cost $230,604,023)				217,375,379

OTHER ASSETS, LESS LIABILITIES - 2.30%				5,122,595

NET ASSETS - 100%			$	222,497,974

*Non-income producing security

ADR - American Depository Receipt


4		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)

¹The Chairman and CEO of the company serves as a director of the Fund (see Note 2 to the financial statements).

²Security has been valued at fair value (see Note 2 to the financial statements).

³Restricted securities - Investment in securities that are restricted as to public resale under the Securities Act of 1933, as amended. These securities amount to $5,856,872, or 2.63%, of the Series’ net assets as of June 30, 2009 (see Note 2 to the financial statements).

⁴This security was acquired on February 27, 2009 at a cost of $76,718 ($2.00 per share) and has been determined to be illiquid under guidelines established by the Board of Directors (see Note 2 to the financial statements).

⁵This security was acquired on February 3, 2006 at a cost of $2,978,020 ($24.41 per share) and has been determined to be liquid under guidelines established by the Board of Directors (see Note 2 to the financial statements).

⁶This security was acquired on June 22, 2007 at a cost of $2,312,500 ($2.50 per share) and has been determined to be illiquid under guidelines established by the Board of Directors (see Note 2 to the financial statements).

⁷This security was acquired on February 27, 2009 at a cost of $19,180 ($0.50 per warrant) and has been determined to be illiquid under guidelines established by the Board of Directors (see Note 2 to the financial statements).

⁸This security was acquired on August 11, 2005 at a cost of $365,484 ($1.28 per warrant) and has been determined to be illiquid under guidelines established by the Board of Directors (see Note 2 to the financial statements).


The accompanying notes are an integral part of the financial statements.		5

Statement of Assets and Liabilities (unaudited)

June 30, 2009


ASSETS:


Investments, at value (identified cost $230,604,023) (Note 2)	$	217,375,379
Receivable for securities sold		5,164,906
Receivable for fund shares sold		247,725
Foreign tax reclaims receivable		56,000
Dividends receivable		13,040

TOTAL ASSETS		222,857,050

LIABILITIES:

Accrued management fees (Note 3)		179,235
Accrued fund accounting and transfer agent fees (Note 3)		10,380
Accrued Chief Compliance Officer service fees (Note 3)		400
Payable for fund shares repurchased		146,681
Audit fees payable		19,637
Other payables and accrued expenses		2,743

TOTAL LIABILITIES		359,076

TOTAL NET ASSETS	$	222,497,974

NET ASSETS CONSIST OF:

Capital stock	$	264,540
Additional paid-in-capital		288,165,957
Undistributed net investment loss		(440,203	)
Accumulated net realized loss on investments, foreign currency and translation of other assets and liabilities		(52,264,245	)
Net unrealized depreciation on investments, foreign currency and translation of other assets and liabilities		(13,228,075	)

TOTAL NET ASSETS	$	222,497,974

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE ($222,497,974/26,453,996 shares)	$	8.41


6		The accompanying notes are an integral part of the financial statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009


INVESTMENT INCOME:


Dividends (net of foreign tax withheld, $56,448)	$	616,107
Interest		3,746

Total Investment Income		619,853

EXPENSES:

Management fees (Note 3)		940,251
Fund accounting and transfer agent fees (Note 3)		59,864
Directors’ fees (Note 3)		6,123
Chief Compliance Officer service fees (Note 3)		1,899
Custodian fees		13,433
Miscellaneous		40,313

Total Expenses		1,061,883
Less reduction of expenses (Note 3)		(1,827	)

Net Expenses		1,060,056

NET INVESTMENT LOSS		(440,203	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:

Net realized loss on - Investments		(16,815,386	)
Foreign currency and translation of other assets and liabilities		6,176

		(16,809,210	)


Net change in unrealized depreciation on - Investments		54,454,877
Foreign currency and translation of other assets and liabilities		1,461

		54,456,338


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:		37,647,128

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	37,206,925


The accompanying notes are an integral part of the financial statements.		7

Statements of Changes in Net Assets


	For the Six Months Ended 6/30/09 *(unaudited)*			For the Year Ended *12/31/08*

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:

Net investment loss	$	(440,203	)	$	(1,595,292	)
Net realized loss on investments and foreign currency		(16,809,210	)		(34,579,191	)
Net change in unrealized depreciation on investments and foreign currency		54,456,338			(81,007,463	)

Net increase (decrease) from operations		37,206,925			(117,181,946	)

DISTRIBUTIONS TO SHAREHOLDERS (Note 9):

From net realized gain on investments		—			(2,894,633	)

CAPITAL STOCK ISSUED AND REPURCHASED:

Net increase from capital share transactions (Note 5)		2,586,771			3,111,722

Net increase (decrease) in net assets		39,793,696			(116,964,857	)

NET ASSETS:

Beginning of period		182,704,278			299,669,135

End of period (including undistributed net investment loss of $440,203 and $0, respectively)	$	222,497,974		$	182,704,278


8		The accompanying notes are an integral part of the financial statements.

Financial Highlights


	*For the Six* *Months Ended* *6/30/09* *(unaudited)*	*For the Years Ended*
		*12/31/08*	*12/31/07*	*12/31/06*	*12/31/05*	*12/31/04*

Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$6.99	$11.54	$11.41	$12.10	$11.89	$11.96

Income (loss) from investment operations:
Net investment loss	(0.02)	(0.06)	(0.08)	(0.05)	(0.04)	(0.07)
Net realized and unrealized gain (loss) on investments	1.44	(4.38)	1.25	1.56	1.71	0.43

Total from investment operations	1.42	(4.44)	1.17	1.51	1.67	0.36

Less distributions to shareholders:
From net realized gain on investments	—	(0.11)	(1.04)	(2.20)	(1.46)	(0.43)

Net asset value - End of period	$8.41	$6.99	$11.54	$11.41	$12.10	$11.89

Net assets - End of period (000’s omitted)	$222,498	$182,704	$299,669	$233,072	$221,302	$185,487

Total return¹	20.31%	(38.77%)	10.62%	12.52%	14.16%	3.03%
Ratios (to average net assets)/Supplemental Data:
Expenses*	1.13%²	1.12%	1.12%	1.14%	1.17%	1.18%
Net investment loss	(0.47%)²	(0.65%)	(0.75%)	(0.51%)	(0.32%)	(0.62%)
Portfolio turnover	49%	94%	95%	93%	110%	109%

*The investment advisor did not impose all of its management fee and/or fund accounting and transfer agent fees in some periods and is not eligible to recoup any expenses that have been waived or reimbursed in prior periods. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have been increased by the following amount:
	0.00%^2,3	N/A	N/A	N/A	N/A	0.04%

²Annualized.

³Less than 0.01%.


The accompanying notes are an integral part of the financial statements.		9

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

Life Sciences Series (the “Series”) is a no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company.

The Series’ investment objective is to provide long-term growth by investing principally in the common stocks of companies in the life sciences industry.

The Fund’s Advisor is Manning & Napier Advisors, Inc. (the “Advisor”). On November 5, 1999, the Series resumed sales of shares to advisory clients and employees of the Advisor and its affiliates. On May 1, 2001, the Series began offering shares directly to investors. Previously, the Series was available from time to time to advisory clients and employees of the Advisor. The total authorized capital stock of the Fund consists of 10.0 billion shares of common stock each having a par value of $0.01. As of June 30, 2009, 4.5 billion shares have been designated in total among 28 series, of which 100 million have been designated as Life Sciences Series Class A common stock.

2.	SIGNIFICANT ACCOUNTING POLICIES

Security Valuation

Portfolio securities, including domestic equities, foreign equities, exchange-traded funds, warrants and options, listed on an exchange other than the NASDAQ National Market System are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Fund’s pricing service. Securities listed on the NASDAQ National Market System are valued in accordance with the NASDAQ Official Closing Price.


10

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Valuation (continued)

The following is a summary of the levels used as of June 30, 2009 in valuing the Series’ assets or liabilities carried at market value:


*Description:*	*6/30/2009*		*Level 1*		*Level 2*		*Level 3*

Equity securities*	$	202,577,696	$	202,449,084	$	—	$	128,612
Preferred securities		1,387,500		—		—		1,387,500
Debt securities:
US Treasury and other US government agencies		6,998,836		—		6,998,836		—
Mutual funds		6,411,347		6,411,347		—		—
Other financial instruments**		—		—		—		—

Total	$	217,375,379	$	208,860,431	$	6,998,836	$	1,516,112

*Includes common stock, warrants and rights.


*Level 3 reconciliation*	*Equities*			*Asset-Backed*

Balance as of 12/31/08	$	1,911,387		$	—
Realized gain/loss		—			—
Change in unrealized appreciation (depreciation)		(468,157	)		—
Net purchases (sales)		72,882			—
Transfers in and/or out of Level 3		—			—

Balance as of 6/30/09	$	1,516,112		$	—


		11

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Transactions, Investment Income and Expenses

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

Foreign Currency Translation

Restricted Securities

Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, as amended, and may have contractual restrictions on resale. Information regarding restricted securities is included at the end of the Series’ Investment Portfolio.

Illiquid Securities

A security may be considered illiquid if so deemed in good faith by the Advisor under procedures approved by and under the general supervision and responsibility of the Fund’s Board. Securities that are illiquid are marked with the applicable footnote on the Investment Portfolio. As of June 30, 2009, the aggregate value of securities deemed illiquid was $1,516,112, representing 0.7% of the Series’ net assets.


12

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Affiliated Companies

The 1940 Act defines “affiliated companies” to include securities in which a series owns 5% or more of the outstanding voting securities of the issuer. The following transactions were effected in shares of Avalon HealthCare Holdings, Inc. - Series D, Avalon HealthCare Holdings, Inc., and Avalon HealthCare Holdings, Inc. - Warrants 2/27/2014 for the six months ended June 30, 2009:


*Name of Issuer*	*Number of* *Shares* *Held as of* *12/31/08*	Gross Additions	*Gross* *Reductions*	*Number of* *Shares* *Held as of* *6/30/09*	*Value* *as of* *6/30/09*		Investment Income		Realized Gain
Avalon HealthCare Holdings, Inc. – Series D	925,000	—	—	925,000	$	1,387,500	$	—	$	—
Avalon HealthCare Holdings, Inc.	—	38,359	—	38,359	$	57,538	$	—	$	—
Avalon HealthCare Holdings, Inc. – Warrants 2/27/2014	—	38,359	—	38,359	$	15,344	$	—	$	—

The Chairman and CEO of Alsius Corp. serves as a director of the Fund. Therefore, Alsius Corp. (formerly Ithaka Acquisition Corp.) is considered an “affiliated company”, as defined in the 1940 Act. The following transactions were effected in shares of Alsius Corp. for the six months ended June 30, 2009:


*Name of Issuer*	*Number of* *Shares* *Held as of* *12/31/08*	Gross Additions	Gross Reductions	*Number of* *Shares* *Held as of* *6/30/09*	*Value* *as of* *6/30/09*		Investment Income		Realized Loss
Alsius Corp.	196,317	—	196,317	—	$	—	$	—	$	480,592

Federal Taxes


		13

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Federal Taxes (continued)

Distributions of Income and Gains

Recent Accounting Pronouncements

Indemnifications

Other


14

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Other (continued)

contingent assets and liabilities at the date of the financial statements and the reported amounts

of income and expenses during the reporting period. Actual results could differ from those estimates.

3.	TRANSACTIONS WITH AFFILIATES

For fund accounting and transfer agent services, the Fund pays the Advisor an annual fee of 0.055% of the Fund’s average daily net assets up to $4.5 billion, 0.03% of the Fund’s average daily net assets between $4.5 billion and $7.5 billion, and 0.02% of the Fund’s average daily net assets over $7.5 billion. Additionally, certain transaction and account-based fees and out-of-pocket expenses, including charges for reporting relating to the Fund’s compliance program, are charged. Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense. The Advisor has an agreement with Citi Fund Services Ohio, Inc. (“Citi”) under which Citi serves as sub-accountant and sub-transfer agent. The Advisor voluntarily agreed to waive a portion of the fund accounting and transfer agent fees for the period March 1, 2009 to April 30, 2009. Accordingly, the Advisor waived fees of $1,827, which is included as a reduction of expenses on the Statement of Operations.

4.	PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2009, purchases and sales of securities, other than United States Government securities and short-term securities, were $88,409,635 and $102,288,093, respectively. There were no purchases or sales of United States Government securities.


		15

Notes to Financial Statements (unaudited)

5.	CAPITAL STOCK TRANSACTIONS

Transactions in shares of Life Sciences Series were:


	For the Six Months Ended 6/30/09					For the Year Ended 12/31/08
	Shares		Amount			Shares		Amount

Sold	2,570,286		$	18,101,107		2,823,006		$	26,015,765
Reinvested	—			—		282,518			2,867,564
Repurchased	(2,259,816	)		(15,514,336	)	(2,924,235	)		(25,771,607	)

Total	310,470		$	2,586,771		181,289		$	3,111,722

Substantially all of the Series’ shares represent investments by fiduciary accounts over which the Advisor has sole investment discretion.

6.	FINANCIAL INSTRUMENTS

7.	FOREIGN SECURITIES

8.	LIFE SCIENCES SECURITIES

The Series may focus its investments in certain related life sciences industries; hence, the Series may subject itself to a greater degree of risk than a series that is more diversified.

9.	FEDERAL INCOME TAX INFORMATION


16

Notes to Financial Statements (unaudited)

9.	FEDERAL INCOME TAX INFORMATION (continued)

The tax character of distributions paid for the year ended December 31, 2008 were as follows:


Ordinary income	$	1,967,508
Long-term capital gains		927,125

For the year ended December 31, 2008, the Series elected to defer $1,660,341 of capital losses attributable to Post-October losses.

At December 31, 2008, the Series had a capital loss carryover of $33,158,704, available to the extent allowed by tax law to offset future net capital gain, if any, which will expire on December 31, 2016.


Cost for federal income tax purposes	$	231,158,320
Unrealized appreciation	$	15,124,483
Unrealized depreciation		(28,907,424	)

Net unrealized depreciation	$	(13,782,941	)

10.

SUBSEQUENT EVENTS


		17

Literature Requests (unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:


By phone		1-800-466-3863
On the Securities and Exchange Commission’s (SEC) web site		http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30^th is available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Quarterly Portfolio Holdings

The Series’ complete schedule of portfolio holdings for the 1^st and 3^rd quarters of each fiscal year are provided on Form N-Q, and are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

The prospectus and SAI provide additional information about each Series, including charges, expenses and risks. These documents are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov
On the Advisor’s web site		http://www.manningnapieradvisors.com

Additional information available at www.manningnapieradvisors.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual


		18

Manning & Napier Fund, Inc.


FINANCIAL SERVICES SERIES		\|		Semi-Annual Report - June 30, 2009

LOGO

Shareholder Expense Example (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2009 to June 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 1/1/09		Ending Account Value 6/30/09		Expenses Paid During Period* 1/1/09-6/30/09
Actual	$	1,000.00	$	955.30	$	5.58
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76


1

Portfolio Composition as of June 30, 2009 (unaudited)

Sector Allocation¹

LOGO

¹As a percentage of net assets.

Top Ten Stock Holdings²


JPMorgan Chase & Co.	4.7%	Automatic Data Processing, Inc.	3.8%
The Progressive Corp.	4.6%	Paychex, Inc.	3.6%
Moody’s Corp.	4.2%	Redecard S.A. (Brazil)	3.5%
Federated Investors, Inc. - Class B	4.0%	American Express Co.	3.5%
Willis Group Holdings Ltd. (United Kingdom)	3.8%	U.S. Bancorp	3.3%

²As a percentage of total investments.


		2

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


COMMON STOCKS - 93.0%

Consumer Discretionary - 2.8%
Media - 2.8%
The McGraw-Hill Companies, Inc.	145,000	$	4,365,950


Financials - 69.0%
Capital Markets - 21.5%
Bank of New York Mellon Corp.¹	103,000		3,018,930
The Charles Schwab Corp.	261,000		4,577,940
Federated Investors, Inc. - Class B	267,000		6,432,030
Franklin Resources, Inc.	51,000		3,672,510
Legg Mason, Inc.	124,000		3,023,120
Northern Trust Corp.	56,000		3,006,080
SEI Investments Co.	269,000		4,852,760
State Street Corp.	42,000		1,982,400
T. Rowe Price Group, Inc.	80,000		3,333,600

			33,899,370

Commercial Banks - 11.3%
First Commonwealth Financial Corp.	474,000		3,005,160
HSBC Holdings plc - ADR (United Kingdom) (Note 7)	76,000		3,174,520
Societe Generale - ADR (France) (Note 7)	298,000		3,242,240
U.S. Bancorp	292,600		5,243,392
Wilmington Trust Corp.	233,000		3,182,780

			17,848,092

Consumer Finance - 4.5%
American Express Co.	239,000		5,554,360
Discover Financial Services	150,000		1,540,500

			7,094,860

Diversified Financial Services - 11.1%
Financiere Marc de Lacharriere S.A. (Fimalac) (France) (Note 7)	59,400		3,250,332
JPMorgan Chase & Co.	219,700		7,493,967
Moody’s Corp.	253,000		6,666,550

			17,410,849

Insurance - 16.4%
Allianz SE (Germany) (Note 7)	47,500		4,358,159
Brown & Brown, Inc.	170,000		3,388,100
First American Corp.	125,000		3,238,750
Principal Financial Group, Inc.	71,000		1,337,640
The Progressive Corp.*	490,000		7,403,900
Willis Group Holdings Ltd. (United Kingdom) (Note 7)	236,000		6,072,280

			25,798,829


3		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


COMMON STOCKS (continued)

Financials (continued)
Thrifts & Mortgage Finance - 4.2%
First Niagara Financial Group, Inc.	240,000	$	2,740,800
NewAlliance Bancshares, Inc.	215,000		2,472,500
People’s United Financial, Inc.	92,000		1,383,680

			6,596,980

Total Financials			108,648,980


Industrials - 5.9%
Professional Services - 5.9%
Equifax, Inc.	164,000		4,280,400
Experian plc (Ireland) (Note 7)	663,000		4,954,232

Total Industrials			9,234,632


Information Technology - 15.3%
IT Services - 14.2%
Automatic Data Processing, Inc.	170,550		6,044,292
Cia Brasileira de Meios de Pagamento S.A.* (Brazil) (Note 7)	50,000		430,022
Online Resources Corp.*	730,000		4,555,200
Paychex, Inc.	225,000		5,670,000
Redecard S.A. (Brazil) (Note 7)	367,000		5,619,641

			22,319,155

Software - 1.1%
Temenos Group AG* (Switzerland) (Note 7)	100,000		1,703,028

Total Information Technology			24,022,183

TOTAL COMMON STOCKS (Identified Cost $172,609,958)			146,271,745


MUTUAL FUNDS - 2.5%
Financial Select Sector SPDR Fund (Identified Cost $4,067,184)	330,000		3,950,100


SHORT-TERM INVESTMENTS - 5.7%
Dreyfus Cash Management, Inc. - Institutional Shares (Identified Cost $9,019,407)	9,019,407		9,019,407

TOTAL INVESTMENTS - 101.2% (Identified Cost $185,696,549)			159,241,252

LIABILITIES, LESS OTHER ASSETS - (1.2%)			(1,936,515	)

NET ASSETS - 100%		$	157,304,737

*Non-income producing security

ADR - American Depository Receipt

¹Bank of New York Mellon Corp. is the Fund’s custodian.


The accompanying notes are an integral part of the financial statements.		4

Statement of Assets and Liabilities (unaudited)

June 30, 2009


ASSETS:


Investments, at value (identified cost $185,696,549) (Note 2)	$	159,241,252
Receivable for securities sold		1,314,754
Dividends receivable		383,974
Receivable for fund shares sold		289,370
Foreign tax reclaims receivable		29,384

TOTAL ASSETS		161,258,734

LIABILITIES:

Accrued management fees (Note 3)		130,312
Accrued fund accounting and transfer agent fees (Note 3)		7,193
Accrued Chief Compliance Officer service fees (Note 3)		409
Payable for securities purchased		3,680,735
Payable for fund shares repurchased		112,696
Audit fees payable		19,690
Other payables and accrued expenses		2,962

TOTAL LIABILITIES		3,953,997

TOTAL NET ASSETS	$	157,304,737

NET ASSETS CONSIST OF:

Capital stock	$	320,292
Additional paid-in-capital		287,253,266
Undistributed net investment income		1,232,312
Accumulated net realized loss on investments, foreign currency and translation of other assets and liabilities		(105,045,678	)
Net unrealized depreciation on investments, foreign currency and translation of other assets and liabilities		(26,455,455	)

TOTAL NET ASSETS	$	157,304,737

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE ($157,304,737/32,029,210 shares)	$	4.91


5		The accompanying notes are an integral part of the financial statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009


INVESTMENT INCOME:


Dividends (net of foreign tax withheld, $39,082)	$	1,775,616
Interest		4,586

Total Investment Income		1,780,202

EXPENSES:

Management fees (Note 3)		601,804
Fund accounting and transfer agent fees (Note 3)		40,229
Directors’ fees (Note 3)		6,123
Chief Compliance Officer service fees (Note 3)		1,899
Custodian fees		5,942
Miscellaneous		39,909

Total Expenses		695,906
Less reduction of expenses (Note 3)		(1,095	)

Net Expenses		694,811

NET INVESTMENT INCOME		1,085,391

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:

Net realized loss on -
Investments		(36,964,886	)
Foreign currency and translation of other assets and liabilities		(1,462	)

		(36,966,348	)


Net change in unrealized depreciation on -
Investments		29,569,349
Foreign currency and translation of other assets and liabilities		1,148

		29,570,497


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		(7,395,851	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,310,460	)


The accompanying notes are an integral part of the financial statements.		6

Statements of Changes in Net Assets


	For the Six Months Ended 6/30/09 (unaudited)			For the Year Ended 12/31/08

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:

Net investment income	$	1,085,391		$	4,282,274
Net realized loss on investments and foreign currency		(36,966,348	)		(66,006,039	)
Net change in unrealized depreciation on investments and foreign currency		29,570,497			(36,958,193	)

Net decrease from operations		(6,310,460	)		(98,681,958	)

DISTRIBUTIONS TO SHAREHOLDERS (Note 9):

From net investment income		—			(4,382,210	)

CAPITAL STOCK ISSUED AND REPURCHASED:

Net increase from capital share transactions (Note 5)		34,245,920			12,336,743

Net increase (decrease) in net assets		27,935,460			(90,727,425	)

NET ASSETS:

Beginning of period		129,369,277			220,096,702

End of period (including undistributed net investment income of $1,232,312 and $146,921, respectively)	$	157,304,737		$	129,369,277


7		The accompanying notes are an integral part of the financial statements.

Financial Highlights


	For the Six Months Ended 6/30/09 (unaudited)	*For the Years Ended*			For the Period 7/1/05¹ to
	For the Six Months Ended 6/30/09 (unaudited)	*12/31/08*	*12/31/07*	*12/31/06*	*12/31/05*


Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$5.14	$9.34	$12.51	$10.70	$10.00

Income (loss) from investment operations:
Net investment income	0.03	0.17	0.19	0.10	0.05
Net realized and unrealized gain (loss) on investments	(0.26)	(4.19)	(2.36)	2.00	0.69

Total from investment operations	(0.23)	(4.02)	(2.17)	2.10	0.74


Less distributions to shareholders:
From net investment income	—	(0.18)	(0.18)	(0.11)	(0.04)
From net realized gain on investments	—	—	(0.82)	(0.18)	—

Total distributions to shareholders	—	(0.18)	(1.00)	(0.29)	(0.04)

Net asset value - End of period	$4.91	$5.14	$9.34	$12.51	$10.70

Net assets - End of period (000’s omitted)	$157,305	$129,369	$220,097	$132,855	$49,674

Total return²	(4.47%)	(42.98%)	(17.46%)	19.62%	7.39%
Ratios (to average net assets)/Supplemental Data:
Expenses*	1.15%³	1.12%	1.15%	1.18%	1.20%³
Net investment income	1.80%³	2.34%	1.72%	1.14%	0.95%³
Portfolio turnover	25%	41%	38%	30%	6%

*The investment advisor did not impose all of its management fee and/or fund accounting and transfer agent fees. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have been increased
by the following amount:	0.00%^3,4	N/A	N/A	N/A	0.16%³

¹Commencement of operations.

²Represents aggregate total return for the period indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived during certain periods. Periods less than one year are not annualized.

³Annualized.

⁴Less than 0.01%.


The accompanying notes are an integral part of the financial statements.		8

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

Financial Services Series (the “Series”) is a no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The Series’ investment objective is to provide long-term growth by investing principally in the common stocks of companies in the financial services industry.

The Fund’s Advisor is Manning & Napier Advisors, Inc. (the “Advisor”). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 10.0 billion shares of common stock each having a par value of $0.01. As of June 30, 2009, 4.5 billion shares have been designated in total among 28 series, of which 100 million have been designated as Financial Services Series Class A common stock.

2.	SIGNIFICANT ACCOUNTING POLICIES

Security Valuation


9

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Valuation (continued)

The following is a summary of the levels used as of June 30, 2009 in valuing the Series’ assets or liabilities carried at market value:


*Description:*	*6/30/2009*		*Level 1*		*Level 2*		*Level 3*
Equity securities*	$	146,271,745	$	143,029,505	$	3,242,240	$	—
Preferred securities		—		—		—		—
Debt securities		—		—		—		—
Mutual funds		12,969,507		12,969,507		—		—
Other financial instruments**		—		—		—		—

Total	$	159,241,252	$	155,999,012	$	3,242,240	$	—

*Includes common stock, warrants and rights.

There were no Level 3 securities held by the Series as of December 31, 2008 or June 30, 2009.

Security Transactions, Investment Income and Expenses

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.


		10

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Foreign Currency Translation

Federal Taxes

Distributions of Income and Gains

Recent Accounting Pronouncements


11

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Recent Accounting Pronouncements (continued)

Indemnifications

Other

3.	TRANSACTIONS WITH AFFILIATES


		12

Notes to Financial Statements (unaudited)

3.	TRANSACTIONS WITH AFFILIATES (continued)

The Advisor has contractually agreed, until at least April 30, 2010, to waive its fee and, if necessary, pay other operating expenses of the Series in order to maintain total direct annual fund operating expenses for the Series at no more than 1.20% of average daily net assets each year. For the six months ended June 30, 2009, the Advisor did not waive its management fee or reimburse any expenses of the Series. The Advisor is not eligible to recoup any expenses that have been waived or reimbursed in prior years.

For fund accounting and transfer agent services, the Fund pays the Advisor an annual fee of 0.055% of the Fund’s average daily net assets up to $4.5 billion, 0.03% of the Fund’s average daily net assets between $4.5 billion and $7.5 billion, and 0.02% of the Fund’s average daily net assets over $7.5 billion. Additionally, certain transaction and account-based fees and out-of-pocket expenses, including charges for reporting relating to the Fund’s compliance program, are charged. Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense. The Advisor has an agreement with Citi Fund Services Ohio, Inc. (“Citi”) under which Citi serves as sub-accountant and sub-transfer agent. The Advisor voluntarily agreed to waive a portion of the fund accounting and transfer agent fees for the period March 1, 2009 to April 30, 2009. Accordingly, the Advisor waived fees of $1,095, which is included as a reduction of expenses on the Statement of Operations.

4.	PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2009, purchases and sales of securities, other than United States Government securities and short-term securities, were $65,343,499 and $29,255,551, respectively. There were no purchases or sales of United States Government securities.

5.	CAPITAL STOCK TRANSACTIONS

Transactions in shares of Financial Services Series were:


	For the Six Months Ended 6/30/09					For the Year Ended 12/31/08
	Shares		Amount			Shares		Amount
Sold	8,911,371		$	42,645,300		3,484,154		$	26,397,174
Reinvested	—			—		857,166			4,243,277
Repurchased	(2,070,777	)		(8,399,380	)	(2,707,152	)		(18,303,708	)

Total	6,840,594		$	34,245,920		1,634,168		$	12,336,743

Substantially all of the Series’ shares represent investments by fiduciary accounts over which the Advisor has sole investment discretion.

6.	FINANCIAL INSTRUMENTS


13

Notes to Financial Statements (unaudited)

6.	FINANCIAL INSTRUMENTS (continued)

contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. No such investments were held by the Series on June 30, 2009.

7.	FOREIGN SECURITIES

8.	FINANCIAL SERVICES SECURITIES

The Series may focus its investments in certain related financial services industries; hence, the Series may subject itself to a greater degree of risk than a series that is more diversified.

9.	FEDERAL INCOME TAX INFORMATION

The tax character of distributions paid for the year ended December 31, 2008 were as follows:


Ordinary income		$	4,382,210

For the year ended December 31, 2008, the Series elected to defer $17,329,119 and $33 of capital and currency losses, respectively, attributable to Post-October losses.

At December 31, 2008, the Series had a capital loss carryover of $50,750,211, available to the extent allowed by tax law to offset future net capital gain, if any, which will expire on December 31, 2016.


Cost for federal income tax purposes	$	185,696,549
Unrealized appreciation	$	4,615,943
Unrealized depreciation		(31,071,240	)

Net unrealized depreciation	$	(26,455,297	)

10.

SUBSEQUENT EVENTS


		14

Literature Requests (unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:


By phone		1-800-466-3863
On the Securities and Exchange Commission’s (SEC) web site		http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30^th is available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Quarterly Portfolio Holdings

The Series’ complete schedule of portfolio holdings for the 1^st and 3^rd quarters of each fiscal year are provided on Form N-Q, and are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

The prospectus and SAI provide additional information about each Series, including charges, expenses and risks. These documents are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov
On the Advisor’s web site		http://www.manningnapieradvisors.com

Additional information available at www.manningnapieradvisors.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual


15

Manning & Napier Fund, Inc.


NEW YORK TAX EXEMPT SERIES		\|		Semi-Annual Report - June 30, 2009

LOGO

Shareholder Expense Example (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2009 to June 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 1/1/09		Ending Account Value 6/30/09		Expenses Paid During Period* 1/1/09-6/30/09
Actual	$	1,000.00	$	1,067.80	$	3.33
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 0.65%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses are based on the most recent fiscal half year. The Series’ total return would have been lower had certain expenses not been waived during the period.


1

Portfolio Composition as of June 30, 2009 (unaudited)

Bond Types¹

LOGO

¹As a percentage of net assets.

Credit Quality Ratings^2,3

LOGO

²As a percentage of net assets.

³Based on ratings from Moody’s, or the S&P equivalent. The Series may use different ratings provided by other rating agencies for purposes of determining compliance with the Series’ investment policies.


		2

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


NEW YORK MUNICIPAL BONDS - 95.1%
Arlington Central School District, G.O. Bond, NATL	4.625	%	12/15/2024	A1		$	845,000	$	851,616
Arlington Central School District, G.O. Bond, NATL	4.625	%	12/15/2025	A1			365,000		366,818
Brookhaven, Public Impt., G.O. Bond, FGRNA	4.000	%	5/1/2023	Aa3			900,000		876,600
Brookhaven, Public Impt., G.O. Bond, FGRNA	4.000	%	5/1/2024	Aa3			815,000		784,274
Buffalo Fiscal Stability Authority, Sales Tax & State Aid, Series B, Revenue Bond, NATL	5.000	%	9/1/2016	Aa2			525,000		578,214
Chautauqua County, Public Impt., Series B, G.O. Bond, NATL	4.500	%	12/15/2018	A2			485,000		512,048
Dryden Central School District, G.O. Bond, FSA	5.500	%	6/15/2011	Aa3			200,000		214,556
Dutchess County, Public Impt., Prerefunded Balance, G.O. Bond, NATL	4.000	%	12/15/2016	Aa2			315,000		345,558
Dutchess County, Public Impt., Unrefunded Balance, G.O. Bond, NATL	4.000	%	12/15/2016	Aa2			360,000		379,595
Ellenville Central School District, G.O. Bond, AMBAC	5.700	%	5/1/2011	A2			700,000		709,338
Fairport Central School District, G.O. Bond, FSA	5.000	%	6/1/2019	Aa3			500,000		521,945
Franklin Square Union Free School District, G.O. Bond, FGRNA	5.000	%	1/15/2021	A1			520,000		529,251
Greece Central School District, G.O. Bond, FSA	4.000	%	6/15/2019	Aa3			2,675,000		2,747,680
Hampton Bays Union Free School District, G.O. Bond, FSA	4.250	%	9/15/2026	Aa3			1,140,000		1,111,386
Haverstraw-Stony Point Central School District, G.O. Bond, FSA	4.500	%	10/15/2032	Aa3			2,000,000		1,865,780
Hempstead Town, Unrefunded Balance, Series B, G.O. Bond, FGRNA	5.625	%	2/1/2010	Aa1			165,000		165,746
Huntington, G.O. Bond, NATL	5.875	%	9/1/2009	Aa1			45,000		45,386
Islip, Public Impt., Prerefunded Balance, G.O. Bond, FGRNA	5.375	%	6/15/2015	Aa2			1,555,000		1,628,272
Johnson City Central School District, G.O. Bond, FGRNA	4.250	%	6/15/2024	A	²		500,000		484,425
Johnson City Central School District, G.O. Bond, FGRNA	4.375	%	6/15/2028	A	²		1,000,000		937,040
Johnson City Central School District, G.O. Bond, FGRNA	4.375	%	6/15/2030	A	²		985,000		912,593
Long Island Power Authority, Electric Systems, Series F, Revenue Bond, NATL	4.500	%	5/1/2028	A3			1,880,000		1,712,492
Long Island Power Authority, Electric Systems, Series A, Revenue Bond, FGRNA	5.000	%	12/1/2019	A3			1,000,000		1,024,570
Long Island Power Authority, Electric Systems, Series A, Revenue Bond, FGRNA	5.000	%	12/1/2025	A3			1,690,000		1,691,893
Metropolitan Transportation Authority, Dedicated Tax Fund, Series A, Revenue Bond, NATL	5.000	%	11/15/2030	A1			750,000		720,450


3		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


NEW YORK MUNICIPAL BONDS (continued)
Metropolitan Transportation Authority, Dedicated Tax Fund, Series B, Revenue Bond	5.000	%	11/15/2034	AA	²	$	1,000,000	$	979,940
Metropolitan Transportation Authority, Series A, Revenue Bond, FGRNA	5.000	%	11/15/2025	A2			1,500,000		1,504,065
Metropolitan Transportation Authority, Series A, Revenue Bond, FSA	5.000	%	11/15/2030	Aa3			500,000		501,510
Metropolitan Transportation Authority, Series B, Revenue Bond, FSA	4.500	%	11/15/2032	Aa3			500,000		453,565
Monroe County, Public Impt., G.O. Bond, AMBAC	4.125	%	6/1/2020	Baa2			1,000,000		972,780
Monroe County Water Authority, Revenue Bond	5.000	%	8/1/2019	Aa3			1,700,000		1,721,335
Nassau County, General Impt., Series C, G.O. Bond, AGC	5.000	%	10/1/2028	Aa2			1,000,000		1,015,970
Nassau County, General Impt., Series C, G.O. Bond, FSA	5.125	%	1/1/2014	Aa3			500,000		519,020
Nassau County Interim Finance Authority, Sales Tax Secured, Series A, Revenue Bond, AMBAC	4.750	%	11/15/2023	Aa2			1,000,000		1,020,280
New Hyde Park Garden City Park, Union Free School District, G.O. Bond, FSA	4.125	%	6/15/2023	Aa3			200,000		198,028
New Hyde Park Garden City Park, Union Free School District, G.O. Bond, FSA	4.125	%	6/15/2024	Aa3			250,000		244,450
New York City, Series K, G.O. Bond, FSA	5.375	%	8/1/2020	Aa3			1,000,000		1,010,630
New York City, Series A, G.O. Bond, CIFG	5.000	%	8/1/2024	Aa3			1,000,000		1,006,940
New York City, G.O. Bond, XLCA	5.000	%	9/1/2019	Aa3			500,000		515,945
New York City, Unrefunded Balance, Series I, G.O. Bond, NATL	5.000	%	5/15/2028	AA	²		1,725,000		1,725,638
New York City Municipal Water Finance Authority, Water & Sewer Systems, Series A, Revenue Bond, AMBAC	5.000	%	6/15/2035	Aa2			750,000		740,317
New York City Municipal Water Finance Authority, Series E, Revenue Bond, FGRNA	5.000	%	6/15/2026	Aa2			750,000		756,517
New York City Municipal Water Finance Authority, Water & Sewer Systems, Series D, Revenue Bond, AMBAC	4.500	%	6/15/2036	Aa2			500,000		452,905
New York City Municipal Water Finance Authority, Water & Sewer Systems, Series A, Revenue Bond	4.250	%	6/15/2033	Aa2			1,250,000		1,106,987
New York City Municipal Water Finance Authority, Water & Sewer Systems, Series A, Revenue Bond	4.500	%	6/15/2037	Aa2			1,000,000		906,970
New York City Municipal Water Finance Authority, Water & Sewer Systems, Series A, Revenue Bond	5.750	%	6/15/2040	Aa2			1,000,000		1,068,110
New York State, Series C, G.O. Bond, FSA	5.000	%	4/15/2012	Aa3			700,000		767,774
New York State, Series A, G.O. Bond	4.500	%	3/15/2019	Aa3			500,000		525,010
New York State, Series A, G.O. Bond	4.600	%	3/15/2013	Aa3			475,000		501,291


The accompanying notes are an integral part of the financial statements.		4

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


NEW YORK MUNICIPAL BONDS (continued)
New York State Dormitory Authority, Columbia University, Series A, Revenue Bond	5.000	%	7/1/2025	Aaa		$	500,000	$	513,800
New York State Environmental Facilities Corp., Pollution Control, Unrefunded Balance, Series B, Revenue Bond	5.200	%	5/15/2014	Aaa			440,000		473,361
New York State Environmental Facilities Corp., Pollution Control, Series A, Revenue Bond	5.200	%	6/15/2015	Aaa			25,000		25,077
New York State Environmental Facilities Corp., Clean Water & Drinking, Series B, Revenue Bond	5.000	%	6/15/2027	Aaa			1,000,000		1,014,790
New York State Environmental Facilities Corp., Clean Water & Drinking, Revenue Bond	4.500	%	6/15/2022	Aaa			300,000		304,305
New York State Environmental Facilities Corp., Clean Water & Drinking, Revenue Bond, NATL	5.000	%	6/15/2021	Aaa			600,000		633,372
New York State Environmental Facilities Corp., Personal Income Tax, Series A, Revenue Bond	5.000	%	12/15/2019	AAA	²		750,000		800,437
New York State Housing Finance Agency, State University Construction, Series A, Revenue Bond	8.000	%	5/1/2011	A1			125,000		134,021
New York State Environmental Facilities Corp., Clean Water & Drinking, Series A, Revenue Bond	4.500	%	6/15/2036	Aaa			1,000,000		936,220
New York State Environmental Facilities Corp., Clean Water & Drinking, Series B, Revenue Bond	4.500	%	6/15/2036	Aa1			1,500,000		1,393,785
New York State Dormitory Authority, Personal Income Tax, Series F, Revenue Bond	5.000	%	3/15/2023	Aa3			1,475,000		1,524,722
New York State Dormitory Authority, Columbia University, Revenue Bond	5.000	%	7/1/2038	Aaa			900,000		924,291
New York State Thruway Authority, Series F, Revenue Bond, AMBAC	5.000	%	1/1/2026	A1			340,000		343,580
New York State Thruway Authority, Highway & Bridge, Series C, Revenue Bond, NATL	5.250	%	4/1/2011	Aa3			1,000,000		1,065,330
New York State Thruway Authority, Highway & Bridge, Series C, Revenue Bond, AMBAC	5.000	%	4/1/2020	Aa3			750,000		766,530
New York State Thruway Authority, Highway & Bridge, Series B, Revenue Bond, AMBAC	5.000	%	4/1/2021	AA	²		1,500,000		1,558,860
New York State Thruway Authority, Highway & Bridge, Prerefunded Balance, Series A, Revenue Bond, FGIC	5.500	%	4/1/2015	Aa3			320,000		348,570
New York State Thruway Authority, Highway & Bridge, Prerefunded Balance, Series B, Revenue Bond, NATL	5.250	%	4/1/2016	AAA	²		300,000		328,539
New York State Thruway Authority, Personal Income Tax, Prerefunded Balance, Series A, Revenue Bond, FSA	5.000	%	3/15/2014	Aa3			500,000		559,790


5		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


NEW YORK MUNICIPAL BONDS (continued)
New York State Thruway Authority, Personal Income Tax, Prerefunded Balance, Series A, Revenue Bond, NATL	5.000	%	3/15/2016	AAA	²	$	300,000	$	335,874
New York State Urban Development Corp., Correctional Capital Facilities, Series A, Revenue Bond, FSA	5.250	%	1/1/2014	Aa3			500,000		532,575
New York State Urban Development Corp., Personal Income Tax, Series C, Revenue Bond, NATL	4.250	%	3/15/2024	Baa1			1,000,000		969,700
New York State Urban Development Corp., Service Contract, Series B, Revenue Bond	5.250	%	1/1/2022	AA	²		2,350,000		2,447,501
Niagara County, Series B, G.O. Bond, NATL	5.200	%	1/15/2011	Baa1			400,000		408,512
Niagara Falls City School District, G.O. Bond, FSA	4.375	%	9/15/2029	AAA	²		885,000		831,174
Niagara-Wheatfield Central School District, G.O. Bond, FGRNA	4.125	%	2/15/2019	A2			610,000		630,142
Niagara-Wheatfield Central School District, G.O. Bond, FGRNA	4.125	%	2/15/2020	A2			850,000		864,110
Panama Central School District, G.O. Bond, FGRNA	5.000	%	6/15/2019	A2			595,000		607,626
Phelps-Clifton Springs Central School District, Series B, G.O. Bond, NATL	5.000	%	6/15/2021	A2			850,000		871,888
Phelps-Clifton Springs Central School District, Series B, G.O. Bond, NATL	5.000	%	6/15/2022	A2			450,000		458,973
Port Authority of New York & New Jersey, Revenue Bond	5.000	%	7/15/2024	Aa3			3,000,000		3,128,250
Port Authority of New York & New Jersey, Revenue Bond	4.750	%	7/15/2030	Aa3			495,000		482,769
Port Authority of New York & New Jersey, Revenue Bond	5.000	%	10/1/2030	Aa3			1,000,000		1,010,830
Pulaski Central School District, Series A, G.O. Bond, FGRNA	4.500	%	6/15/2026	A	²		425,000		414,163
Ramapo, Public Impt., Series B, G.O. Bond, NATL	4.375	%	5/1/2031	Aa3			435,000		407,669
Ramapo, Public Impt., Series B, G.O. Bond, NATL	4.375	%	5/1/2032	Aa3			510,000		475,208
Ramapo, Public Impt., Series B, G.O. Bond, NATL	4.500	%	5/1/2033	Aa3			410,000		391,501
Ravena Coeymans Selkirk Central School District, G.O. Bond, FSA	4.250	%	6/15/2014	Aa3			1,180,000		1,273,857
Rochester, Series A, G.O. Bond, AMBAC	5.000	%	8/15/2020	A2			250,000		275,663
Rochester, Series A, G.O. Bond, AMBAC	5.000	%	8/15/2022	A2			95,000		103,497
Rondout Valley Central School District, G.O. Bond, FSA	5.375	%	3/1/2020	Aa3			500,000		521,945
Sachem Central School District of Holbrook, G.O. Bond, FGRNA	4.250	%	10/15/2028	AA	²		330,000		310,639
Sachem Central School District of Holbrook, G.O. Bond, FGRNA	4.375	%	10/15/2030	AA	²		1,000,000		946,200


The accompanying notes are an integral part of the financial statements.		6

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


NEW YORK MUNICIPAL BONDS (continued)
Sachem Central School District of Holbrook, Series B, G.O. Bond, FGRNA	4.250	%	10/15/2026	AA	²	$	1,200,000	$	1,154,928
St. Lawrence County, Public Impt., G.O. Bond, FGRNA	4.500	%	5/15/2031	A	²		1,185,000		1,050,396
St. Lawrence County, Public Impt., G.O. Bond, FGRNA	4.500	%	5/15/2032	A	²		1,000,000		878,960
Schenectady, G.O. Bond, NATL	5.300	%	2/1/2011	Baa1			250,000		250,800
South Glens Falls Central School District, Unrefunded Balance, G.O. Bond, FGIC	5.375	%	6/15/2018	A3			95,000		97,503
Suffolk County, Public Impt., Series A, G.O. Bond, NATL	4.250	%	5/1/2024	Aa3			1,000,000		988,350
Suffolk County Water Authority, Revenue Bond, NATL	4.500	%	6/1/2027	Baa1			1,160,000		1,136,197
Syracuse, Public Impt., Series C, G.O. Bond, AMBAC	5.400	%	8/1/2017	A2			700,000		744,828
Syracuse, Public Impt., Series C, G.O. Bond, AMBAC	5.500	%	8/1/2018	A2			850,000		905,352
Syracuse, Public Impt., Series A, G.O. Bond, NATL	4.250	%	6/15/2023	Baa1			690,000		630,570
Syracuse, Public Impt., Series A, G.O. Bond, NATL	4.375	%	6/15/2025	Baa1			990,000		895,148
Syracuse, Public Impt., Series A, G.O. Bond, FGRNA	4.250	%	12/1/2028	A2			600,000		494,898
Syracuse, Public Impt., Series A, G.O. Bond, FGRNA	4.250	%	12/1/2029	A2			600,000		485,814
Tarrytown Union Free School District, G.O. Bond, AMBAC	4.375	%	1/15/2032	A1			1,090,000		995,737
Triborough Bridge & Tunnel Authority, General Purposes, Series B, Revenue Bond	5.000	%	11/15/2020	Aa2			750,000		783,743
Triborough Bridge & Tunnel Authority, General Purposes, Prerefunded Balance, Series A, Revenue Bond, NATL	4.750	%	1/1/2019	AA	²		300,000		336,453
Triborough Bridge & Tunnel Authority, Subordinate Bonds, Revenue Bond, FGRNA	5.000	%	11/15/2032	Aa3			1,000,000		1,003,060
Triborough Bridge & Tunnel Authority, General Purposes, Prerefunded Balance, Series A, Revenue Bond, NATL	5.000	%	1/1/2032	AAA	²		1,695,000		1,855,533
Triborough Bridge & Tunnel Authority, General Purposes, Unrefunded Balance, Series A, Revenue Bond, NATL	5.000	%	1/1/2032	Aa2			305,000		305,567
Ulster County, Public Impt., G.O. Bond, XLCA	4.500	%	11/15/2026	AA	²		560,000		563,965
Union Endicott Central School District, G.O. Bond, FGRNA	4.125	%	6/15/2014	A	²		605,000		635,595
Union Endicott Central School District, G.O. Bond, FGRNA	4.125	%	6/15/2015	A	²		865,000		901,451
Wayne County, Public Impt., G.O. Bond, NATL	4.125	%	6/1/2024	A1			500,000		485,540


7		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)	Principal Amount/ Shares		Value (Note 2)


NEW YORK MUNICIPAL BONDS (continued)
West Seneca Central School District, G.O. Bond, FSA	5.000	%	5/1/2011	Aa3	$	300,000	$	321,057
Westchester County, Series B, G.O. Bond	4.300	%	12/15/2011	Aaa		15,000		16,202
Westchester County, Series B, G.O. Bond	3.700	%	12/15/2015	Aaa		1,000,000		1,054,520
Westchester County, Unrefunded Balance, Series A, G.O. Bond	4.750	%	12/15/2009	Aaa		5,000		5,095
Westhampton Beach Union Free School District, G.O. Bond, NATL	4.000	%	7/15/2018	Aa3		726,000		748,637
Yonkers, Series B, G.O. Bond, NATL	5.000	%	8/1/2023	Baa1		1,125,000		1,019,374
Yonkers, Series B, G.O. Bond, NATL	5.000	%	8/1/2030	Baa1		1,095,000		943,802

TOTAL NEW YORK MUNICIPAL BONDS (Identified Cost $96,876,346)								95,972,224


SHORT-TERM INVESTMENTS - 4.8%
Dreyfus BASIC New York Municipal Money Market Fund (Identified Cost $4,846,573)						4,846,573		4,846,573

TOTAL INVESTMENTS - 99.9% (Identified Cost $101,722,919)								100,818,797

OTHER ASSETS, LESS LIABILITIES - 0.1%								113,182

NET ASSETS - 100%							$	100,931,979

Key:

G.O. Bond - General Obligation Bond

Impt. - Improvement

Scheduled principal and interest payments are guaranteed by:

AGC (Assured Guaranty Corp.)

AMBAC (AMBAC Assurance Corp.)

CIFG (CIFG North America, Inc.)

FGIC (Financial Guaranty Insurance Co.)

FGRNA (FGIC reinsured by NATL)

FSA (Financial Security Assurance, Inc.)

NATL (National Public Finance Guarantee Corp.) (formerly known as MBIA (MBIA, Inc.))

XLCA (XL Capital Assurance)

The insurance does not guarantee the market value of the municipal bonds.

¹Credit ratings from Moody’s (unaudited).

²Credit ratings from S&P (unaudited).

The Series’ portfolio holds, as a percentage of net assets, greater than 10% in bonds insured by the following companies: NATL - 44.4%; FSA - 14.1%.


The accompanying notes are an integral part of the financial statements.		8

Statement of Assets and Liabilities (unaudited)

June 30, 2009



ASSETS:

Investments, at value (identified cost $101,722,919) (Note 2)	$	100,818,797
Interest receivable		959,936
Receivable for fund shares sold		235,232
Dividends receivable		2,269

TOTAL ASSETS		102,016,234

LIABILITIES:

Accrued management fees (Note 3)		41,181
Accrued fund accounting and transfer agent fees (Note 3)		7,618
Accrued Chief Compliance Officer service fees (Note 3)		400
Payable for securities purchased		1,012,680
Audit fees payable		18,255
Other payables and accrued expenses		4,121

TOTAL LIABILITIES		1,084,255

TOTAL NET ASSETS	$	100,931,979

NET ASSETS CONSIST OF:

Capital stock	$	98,514
Additional paid-in-capital		100,607,717
Undistributed net investment income		813,322
Accumulated net realized gain on investments		316,548
Net unrealized depreciation on investments		(904,122	)

TOTAL NET ASSETS	$	100,931,979

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE ($100,931,979/9,851,412 shares)	$	10.25


9		The accompanying notes are an integral part of the financial statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009



INVESTMENT INCOME:

Interest	$	2,170,219
Dividends		6,861

Total Investment Income		2,177,080

EXPENSES:

Management fees (Note 3)		246,455
Fund accounting and transfer agent fees (Note 3)		38,922
Directors’ fees (Note 3)		6,122
Chief Compliance Officer service fees (Note 3)		1,899
Custodian fees		3,050
Miscellaneous		22,581

Total Expenses		319,029
Less reduction of expenses (Note 3)		(923	)

Net Expenses		318,106

NET INVESTMENT INCOME		1,858,974

REALIZED AND UNREALIZED GAIN ON INVESTMENTS:

Net realized gain on investments		151,599
Net change in unrealized depreciation on investments		4,440,624


NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		4,592,223

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,451,197


The accompanying notes are an integral part of the financial statements.		10

Statements of Changes in Net Assets


	For the Six Months Ended 6/30/09 (unaudited)			For the Year Ended 12/31/08

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:

Net investment income	$	1,858,974		$	3,974,266
Net realized gain on investments		151,599			274,551
Net change in unrealized depreciation on investments		4,440,624			(7,134,417	)

Net increase (decrease) from operations		6,451,197			(2,885,600	)

DISTRIBUTIONS TO SHAREHOLDERS (Note 8):

From net investment income		(1,908,057	)		(3,812,340	)
From net realized gain on investments		—			(101,616	)

Total distributions to shareholders		(1,908,057	)		(3,913,956	)

CAPITAL STOCK ISSUED AND REPURCHASED:

Net decrease from capital share transactions (Note 5)		(812,792	)		(7,702,651	)

Net increase (decrease) in net assets		3,730,348			(14,502,207	)

NET ASSETS:

Beginning of period		97,201,631			111,703,838

End of period (including undistributed net investment income of $813,322 and $862,405, respectively)	$	100,931,979		$	97,201,631


11		The accompanying notes are an integral part of the financial statements.

Financial Highlights


	For the Six Months Ended 6/30/09 *(unaudited)*	*For the Years Ended*
	For the Six Months Ended 6/30/09 *(unaudited)*	*12/31/08*	*12/31/07*	*12/31/06*	*12/31/05*	*12/31/04*


Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$9.79	$10.41	$10.44	$10.45	$10.58	$10.77

Income (loss) from investment operations:
Net investment income	0.20	0.38	0.37	0.38	0.37	0.36
Net realized and unrealized gain (loss) on investments	0.46	(0.63)	(0.01)	(0.02)	(0.13)	(0.07)

Total from investment operations	0.66	(0.25)	0.36	0.36	0.24	0.29


Less distributions to shareholders:
From net investment income	(0.20)	(0.36)	(0.37)	(0.36)	(0.36)	(0.45)
From net realized gain on investments	—	(0.01)	(0.02)	(0.01)	(0.01)	(0.03)

Total distributions to shareholders	(0.20)	(0.37)	(0.39)	(0.37)	(0.37)	(0.48)

Net asset value - End of period	$10.25	$9.79	$10.41	$10.44	$10.45	$10.58

Net assets - End of period (000’s omitted)	$100,932	$97,202	$111,704	$92,910	$82,405	$75,820

Total return¹	6.78%	(2.37%)	3.44%	3.48%	2.33%	2.83%
Ratios (to average net assets)/Supplemental Data:
Expenses	0.65%*²	0.64%	0.65%	0.68%	0.72%	0.75%
Net investment income	3.77%²	3.71%	3.66%	3.68%	3.55%	3.57%
Portfolio turnover	3%	11%	7%	8%	6%	7%

*The advisor did not impose all of its fund accounting and transfer agent fees during the period ended 6/30/09. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have been increased by 0.00%^2,3.

¹Represents aggregate total return for the period indicated, and assumes reinvestment of all distributions. The total return would have been lower had certain expenses not been waived during certain periods. Periods less than one year are not annualized.

²Annualized.

³Less than 0.01%.


The accompanying notes are an integral part of the financial statements.		12

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

New York Tax Exempt Series (the “Series”) is a no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

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.

The Fund’s Advisor is Manning & Napier Advisors, Inc. (the “Advisor”). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 10.0 billion shares of common stock each having a par value of $0.01. As of June 30, 2009, 4.5 billion shares have been designated in total among 28 series, of which 100 million have been designated as New York Tax Exempt Series Class A common stock.

2.	SIGNIFICANT ACCOUNTING POLICIES

Security Valuation

Municipal securities will normally be valued on the basis of market valuations provided by an independent pricing service (the “Service”). The Service utilizes the latest price quotations and a matrix system (which considers such factors as security prices of similar securities, yields, maturities and ratings). The Service has been approved by the Fund’s Board of Directors (the “Board”).


13

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Valuation (continued)

The following is a summary of the levels used as of June 30, 2009 in valuing the Series’ assets or liabilities carried at market value:


*Description:*	*6/30/2009*		*Level 1*		*Level 2*		*Level 3*

Equity securities*	$	—	$	—	$	—	$	—
Preferred securities		—		—		—		—
Debt securities:
States and political subdivisions (municipals)		95,972,224		—		95,972,224		—
Mutual funds		4,846,573		4,846,573		—		—
Other financial instruments**		—		—		—		—

Total	$	100,818,797	$	4,846,573	$	95,972,224	$	—

*Includes common stock, warrants and rights.

There were no Level 3 securities held by the Series as of December 31, 2008 or June 30, 2009.

Security Transactions, Investment Income and Expenses

Security transactions are accounted for on trade date. Interest income, including amortization of premium and accretion of discounts using the effective interest method, is earned from settlement date and accrued daily. Dividend income is recorded on an accrual basis on ex-dividend date.

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

Federal Taxes


		14

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Federal Taxes (continued)

The Series files income tax returns in the U.S. federal jurisdiction and various states, as required. No income tax returns are currently under investigation. The statute of limitations on the Series’ tax returns remains open for the years ended December 31, 2005 through December 31, 2008. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Distributions of Income and Gains

Distributions to shareholders of net investment income are made quarterly. Distributions of net realized gains are made annually. An additional distribution may be necessary to avoid taxation of the Series. Distributions are recorded on the ex-dividend date.

Recent Accounting Pronouncements

Indemnifications


15

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Other

3.	TRANSACTIONS WITH AFFILIATES

The Fund has an Investment Advisory Agreement (the “Agreement”) with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.50% of the Series’ average daily net assets.

The Advisor has contractually agreed, until at least April 30, 2010, to waive its fee and, if necessary, pay other operating expenses of the Series in order to maintain total direct annual fund operating expenses for the Series at no more than 0.85% of average daily net assets each year. For the six months ended June 30, 2009, the Advisor did not waive its management fee or reimburse any expenses of the Series. The Advisor is not eligible to recoup any expenses that have been waived or reimbursed in prior years.

For fund accounting and transfer agent services, the Fund pays the Advisor an annual fee of 0.055% of the Fund’s average daily net assets up to $4.5 billion, 0.03% of the Fund’s average daily net assets between $4.5 billion and $7.5 billion, and 0.02% of the Fund’s average daily net assets over $7.5 billion. Additionally, certain transaction and account-based fees and out-of-pocket expenses, including charges for reporting relating to the Fund’s compliance program, are charged. Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense. The Advisor has an agreement with Citi Fund Services Ohio, Inc. (“Citi”) under which Citi serves as sub-accountant and sub-transfer agent. The Advisor voluntarily agreed to waive a portion of the fund accounting and transfer agent fees for the period March 1, 2009 to April 30, 2009. Accordingly, the Advisor waived fees of $923, which is included as a reduction of expenses on the Statement of Operations.


		16

Notes to Financial Statements (unaudited)

4.	PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2009, purchases and sales of securities, other than United States Government securities and short-term securities, were $2,916,717 and $7,415,085, respectively. There were no purchases or sales of United States Government securities.

5.	CAPITAL STOCK TRANSACTIONS

Transactions in shares of New York Tax Exempt Series were:


	For the Six Months Ended 6/30/09					For the Year Ended 12/31/08
	Shares		Amount			Shares		Amount

Sold	663,871		$	6,812,297		1,676,685		$	16,976,063
Reinvested	177,881			1,795,808		378,913			3,768,555
Repurchased	(920,985	)		(9,420,897	)	(2,858,275	)		(28,447,269	)

Total	(79,233	)	$	(812,792	)	(802,677	)	$	(7,702,651	)

Substantially all of the Series’ shares represent investments by fiduciary accounts over which the Advisor has sole investment discretion.

6.	FINANCIAL INSTRUMENTS

The Series may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments include written options and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. No such investments were held by the Series on June 30, 2009.

7.	CONCENTRATION OF CREDIT

The Series primarily invests in debt obligations issued by the State of New York and its political subdivisions, agencies and public authorities to obtain funds for various public purposes. The Series is more susceptible to factors adversely affecting issues of New York municipal securities than is a municipal bond fund that is not concentrated in these issues to the same extent.

8.	FEDERAL INCOME TAX INFORMATION

The final determination of the tax character of current year distributions will be made at the conclusion of the fiscal year. The tax character of distributions paid for the year ended December 31, 2008 were as follows:


Ordinary income	$	25,021
Tax exempt income		3,787,319
Long-term capital gains		101,616


17

Notes to Financial Statements (unaudited)

8.	FEDERAL INCOME TAX INFORMATION (continued)


Cost for federal income tax purposes	$	101,708,627
Unrealized appreciation	$	1,579,820
Unrealized depreciation		(2,469,650	)

Net unrealized depreciation	$	(889,830	)

9.	SUBSEQUENT EVENTS


		18

Literature Requests (unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:


By phone		1-800-466-3863
On the Securities and Exchange Commission’s (SEC) web site		http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30^th is available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Quarterly Portfolio Holdings

The Series’ complete schedule of portfolio holdings for the 1^st and 3^rd quarters of each fiscal year are provided on Form N-Q, and are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

The prospectus and SAI provide additional information about each Series, including charges, expenses and risks. These documents are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov
On the Advisor’s web site		http://www.manningnapieradvisors.com

Additional information available at www.manningnapieradvisors.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual


		19

Manning & Napier Fund, Inc.


TECHNOLOGY SERIES		\|		Semi-Annual Report - June 30, 2009

LOGO

Shareholder Expense Example (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2009 to June 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 1/1/09		Ending Account Value 6/30/09		Expenses Paid During Period 1/1/09-6/30/09*
Actual	$	1,000.00	$	1,302.80	$	6.57
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76


1

Portfolio Composition as of June 30, 2009 (unaudited)

Sector Allocation¹

LOGO

¹As a percentage of net assets.

Top Ten Stock Holdings²


Tokyo Electron Ltd. (Japan)	4.0%	Amdocs Ltd. (Guernsey)	3.6%
Blue Coat Systems, Inc.	3.8%	Cisco Systems, Inc.	3.5%
Microsoft Corp.	3.6%	Juniper Networks, Inc.	3.5%
Autodesk, Inc.	3.6%	LoJack Corp.	3.4%
Cerner Corp.	3.6%	International Game Technology	3.4%

²As a percentage of total investments.


		2

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


COMMON STOCKS - 98.0%

Consumer Discretionary - 3.3%
Hotels, Restaurants & Leisure - 3.3%
International Game Technology	320,000	$	5,088,000

Health Care - 5.7%
Health Care Technology - 5.7%
Cerner Corp.*	87,000		5,419,230
Eclipsys Corp.*	181,700		3,230,626

Total Health Care			8,649,856

Information Technology - 82.1%
Communications Equipment - 23.4%
BigBand Networks, Inc.*	475,600		2,458,852
Blue Coat Systems, Inc.*	347,000		5,739,380
Cisco Systems, Inc.*	287,600		5,360,864
Infinera Corp.*	522,000		4,765,860
Juniper Networks, Inc.*	223,800		5,281,680
Nokia Corp. - ADR (Finland) (Note 7)	241,000		3,513,780
Plantronics, Inc.	197,800		3,740,398
Riverbed Technology, Inc.*	215,000		4,985,850

			35,846,664

Computers & Peripherals - 2.6%
EMC Corp.*	303,000		3,969,300

Electronic Equipment, Instruments & Components - 3.3%
LoJack Corp.*	1,221,430		5,117,792

Internet Software & Services - 8.3%
comScore, Inc.*	344,524		4,589,060
Google, Inc. - Class A*	10,000		4,215,900
Vocus, Inc.*	195,000		3,853,200

			12,658,160

IT Services - 9.4%
Accenture Ltd. - Class A (Bermuda) (Note 7)	137,000		4,584,020
Amdocs Ltd.* (Guernsey) (Note 7)	251,000		5,383,950
Cap Gemini (France) (Note 7)	120,000		4,416,827

			14,384,797

Semiconductors & Semiconductor Equipment - 17.7%
Aixtron AG (Germany) (Note 7)	283,000		3,457,561
ASML Holding N.V. - NY Shares (Netherlands) (Note 7)	231,000		5,001,150
KLA-Tencor Corp.	180,000		4,545,000
Lam Research Corp.*	190,000		4,940,000
Netlogic Microsystems, Inc.*	83,000		3,026,180
Tokyo Electron Ltd. (Japan) (Note 7)	125,000		6,060,527

			27,030,418


3		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


COMMON STOCKS (continued)

Information Technology (continued)
Software - 17.4%
Autodesk, Inc.*	288,000	$	5,466,240
Intuit, Inc.*	140,000		3,942,400
Microsoft Corp.	230,400		5,476,608
Salesforce.com, Inc.*	122,000		4,656,740
SAP AG - ADR (Germany) (Note 7)	102,000		4,099,380
Temenos Group AG* (Switzerland) (Note 7)	181,000		3,082,482

			26,723,850

Total Information Technology			125,730,981

Telecommunication Services - 6.9%
Wireless Telecommunication Services - 6.9%
American Tower Corp. - Class A*	98,000		3,089,940
Crown Castle International Corp.*	200,000		4,804,000
SBA Communications Corp. - Class A*	108,000		2,650,320

Total Telecommunication Services			10,544,260

TOTAL COMMON STOCKS (Identified Cost $154,824,952)			150,013,097


SHORT-TERM INVESTMENTS - 1.0%
Dreyfus Cash Management, Inc. - Institutional Shares (Identified Cost $1,499,661)	1,499,661		1,499,661

TOTAL INVESTMENTS - 99.0% (Identified Cost $156,324,613)			151,512,758

OTHER ASSETS, LESS LIABILITIES - 1.0%			1,542,280

NET ASSETS - 100%		$	153,055,038

*Non-income producing security

ADR - American Depository Receipt


The accompanying notes are an integral part of the financial statements.		4

Statement of Assets and Liabilities (unaudited)

June 30, 2009


ASSETS:


Investments, at value (identified cost $156,324,613) (Note 2)		$	151,512,758
Receivable for securities sold			6,131,938
Receivable for fund shares sold			166,208
Dividends receivable			21,129
Foreign tax reclaims receivable	��		8,848

TOTAL ASSETS			157,840,881

LIABILITIES:

Accrued management fees (Note 3)			123,999
Accrued fund accounting and transfer agent fees (Note 3)			7,304
Accrued Chief Compliance Officer service fees (Note 3)			400
Payable for securities purchased			4,529,426
Payable for fund shares repurchased			102,500
Audit fees payable			19,609
Other payables and accrued expenses			2,605

TOTAL LIABILITIES			4,785,843

TOTAL NET ASSETS		$	153,055,038

NET ASSETS CONSIST OF:

Capital stock		$	195,417
Additional paid-in-capital			204,524,040
Accumulated net investment loss			(605,926	)
Accumulated net realized loss on investments, foreign currency and translation of other assets and liabilities			(46,246,638	)
Net unrealized depreciation on investments and translation of other assets and liabilities			(4,811,855	)

TOTAL NET ASSETS		$	153,055,038

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE ($153,055,038/19,541,702 shares)		$	7.83


5		The accompanying notes are an integral part of the financial statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009


INVESTMENT INCOME:


Dividends (net of foreign tax withheld, $40,460)	$	411,205
Interest		1,175

Total Investment Income		412,380

EXPENSES:

Management fees (Note 3)		649,957
Fund accounting and transfer agent fees (Note 3)		43,196
Directors’ fees (Note 3)		6,123
Chief Compliance Officer service fees (Note 3)		1,899
Custodian fees		7,531
Miscellaneous		39,203

Total Expenses		747,909
Less reduction of expenses (Note 3)		(1,319	)

Net Expenses		746,590

NET INVESTMENT LOSS		(334,210	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:

Net realized loss on -
Investments		(10,099,957	)
Foreign currency and translation of other assets and liabilities		(985	)

		(10,100,942	)


Net change in unrealized depreciation on -
Investments		45,639,458
Foreign currency and translation of other assets and liabilities		499

		45,639,957


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		35,539,015

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	35,204,805


The accompanying notes are an integral part of the financial statements.		6

Statements of Changes in Net Assets


	For the Six Months Ended 6/30/09 (unaudited)			For the Year Ended 12/31/08

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:

Net investment loss	$	(334,210	)	$	(918,003	)
Net realized loss on investments and foreign currency		(10,100,942	)		(36,415,274	)
Net change in unrealized appreciation (depreciation) on investments		45,639,957			(67,539,469	)

Net increase (decrease) from operations		35,204,805			(104,872,746	)

DISTRIBUTIONS TO SHAREHOLDERS (Note 9):

From net realized gain on investments		—			(2,835,785	)

CAPITAL STOCK ISSUED AND REPURCHASED:

Net increase (decrease) from capital share transactions (Note 5)		(5,261,840	)		3,141,958

Net increase (decrease) in net assets		29,942,965			(104,566,573	)

NET ASSETS:

Beginning of period		123,112,073			227,678,646

End of period (including accumulated net investment loss of $605,926 and $271,716, respectively)	$	153,055,038		$	123,112,073


7		The accompanying notes are an integral part of the financial statements.

Financial Highlights


	For the Six Months Ended 6/30/09 *(unaudited)*	*For the Years Ended*
	For the Six Months Ended 6/30/09 *(unaudited)*	*12/31/08*	*12/31/07*	*12/31/06*	*12/31/05*	*12/31/04*


Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$6.01	$11.29	$10.41	$8.37	$8.19	$7.44

Income (loss) from investment operations:
Net investment loss	(0.02)	(0.05)	(0.05)	(0.01)	(0.03)	(0.04)¹
Net realized and unrealized gain (loss) on investments	1.84	(5.09)	2.34	2.05	0.21	0.79

Total from investment operations	1.82	(5.14)	2.29	2.04	0.18	0.75


Less distributions to shareholders:
From net realized gain on investments	—	(0.14)	(1.41)	—	—	—

Net asset value - End of period	$7.83	$6.01	$11.29	$10.41	$8.37	$8.19

Net assets - End of period (000’s omitted)	$153,055	$123,112	$227,679	$167,252	$110,656	$63,321

Total return²	30.28%	(45.86%)	22.55%	24.37%	2.20%	10.08%
Ratios (to average net assets)/Supplemental Data:
Expenses*	1.15%³	1.13%	1.13%	1.16%	1.20%	1.20%
Net investment loss	(0.51%)³	(0.53%)	(0.53%)	(0.14%)	(0.48%)	(0.52%)
Portfolio turnover	28%	65%	79%	83%	116%	50%

*The investment advisor did not impose all of its management fee and/or fund accounting and transfer agent fees in some periods. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have been increased by the following amount:
	0.00%^3,4	N/A	N/A	N/A	0.03%	0.16%

¹Calculated based on average shares outstanding during the year.

³Annualized.

⁴Less than 0.01%.


The accompanying notes are an integral part of the financial statements.		8

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

Technology Series (the “Series”) is a no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The Series’ investment objective is to provide long-term growth by investing principally in the common stocks of companies in technology-based industries.

The Fund’s Advisor is Manning & Napier Advisors, Inc. (the “Advisor”). On August 8, 2000, the Series resumed sales of shares to advisory clients and employees of the Advisor and its affiliates. The Series resumed offering shares directly to investors on May 18, 2004, as it had done previously from time to time. The total authorized capital stock of the Fund consists of 10.0 billion shares of common stock each having a par value of $0.01. As of June 30, 2009, 4.5 billion shares have been designated in total among 28 series, of which 100 million have been designated as Technology Series Class A common stock.

2.	SIGNIFICANT ACCOUNTING POLICIES

Security Valuation


9

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Valuation (continued)

The following is a summary of the levels used as of June 30, 2009 in valuing the Series’ assets or liabilities carried at market value:


*Description:*	*6/30/2009*		*Level 1*		*Level 2*		*Level 3*
Equity securities*	$	150,013,097	$	150,013,097	$	—	$	—
Preferred securities		—		—		—		—
Debt securities		—		—		—		—
Mutual funds		1,499,661		1,499,661		—		—
Other financial instruments**		—		—		—		—

Total	$	151,512,758	$	151,512,758	$	—	$	—

*Includes common stock, warrants and rights.

There were no Level 3 securities held by the Series as of December 31, 2008 or June 30, 2009.

Security Transactions, Investment Income and Expenses

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.


		10

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Foreign Currency Translation

Federal Taxes

Distributions of Income and Gains

Recent Accounting Pronouncements

FASB Staff Position (FSP) 133-1 and FIN 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45 was implemented during the period. FSP 133-1 amends FAS 133 to require sellers of


11

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Recent Accounting Pronouncements (continued)

Indemnifications

Other

3.	TRANSACTIONS WITH AFFILIATES


		12

Notes to Financial Statements (unaudited)

3.	TRANSACTIONS WITH AFFILIATES (continued)

For fund accounting and transfer agent services, the Fund pays the Advisor an annual fee of 0.055% of the Fund’s average daily net assets up to $4.5 billion, 0.03% of the Fund’s average daily net assets between $4.5 billion and $7.5 billion, and 0.02% of the Fund’s average daily net assets over $7.5 billion. Additionally, certain transaction and account-based fees and out-of-pocket expenses, including charges for reporting relating to the Fund’s compliance program, are charged. Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense. The Advisor has an agreement with Citi Fund Services Ohio, Inc. (“Citi”) under which Citi serves as sub-accountant and sub-transfer agent. The Advisor voluntarily agreed to waive a portion of the fund accounting and transfer agent fees for the period March 1, 2009 to April 30, 2009. Accordingly, the Advisor waived fees of $1,319, which is included as a reduction of expenses on the Statement of Operations.

4.	PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2009, purchases and sales of securities, other than United States Government securities and short-term securities, were $34,662,409 and $41,607,806, respectively. There were no purchases or sales of United States Government securities.

5.	CAPITAL STOCK TRANSACTIONS

Transactions in shares of Technology Series were:


	For the Six Months Ended 6/30/09					For the Year Ended 12/31/08
	Shares		Amount			Shares		Amount
Sold	932,806		$	6,159,178		2,557,936		$	21,273,855
Reinvested	—			—		341,587			2,807,850
Repurchased	(1,880,931	)		(11,421,018	)	(2,580,774	)		(20,939,747	)

Total	(948,125	)	$	(5,261,840	)	318,749		$	3,141,958

Substantially all of the Series’ shares represent investments by fiduciary accounts over which the Advisor has sole investment discretion.

6.	FINANCIAL INSTRUMENTS


13

Notes to Financial Statements (unaudited)

6.	FINANCIAL INSTRUMENTS (continued)

contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. No such investments were held by the Series on June 30, 2009.

7.	FOREIGN SECURITIES

8.	TECHNOLOGY SECURITIES

The Series may focus its investments in certain related technology industries; hence, the Series may subject itself to a greater degree of risk than a series that is more diversified.

9.	FEDERAL INCOME TAX INFORMATION

The tax character of distributions paid for the year ended December 31, 2008 were as follows:


Ordinary income		$	2,835,785

For the year ended December 31, 2008, the Series elected to defer $16, 502,270 and $271,716 of capital and currency loss, respectively, attributable to Post-October losses.

At December 31, 2008, the Series had a capital loss carryover of $19,643,426, available to the extent allowed by tax law to offset future net capital gain, if any, which will expire on December 31, 2016.


Cost for federal income tax purposes	$	156,324,613
Unrealized appreciation	$	15,614,699
Unrealized depreciation		(20,426,554	)

Net unrealized depreciation	$	(4,811,855	)

10.

SUBSEQUENT EVENTS


		14

Literature Requests (unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:


By phone		1-800-466-3863
On the Securities and Exchange Commission’s (SEC) web site		http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30^th is available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Quarterly Portfolio Holdings

The Series’ complete schedule of portfolio holdings for the 1^st and 3^rd quarters of each fiscal year are provided on Form N-Q, and are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

The prospectus and SAI provide additional information about each Series, including charges, expenses and risks. These documents are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov
On the Advisor’s web site		http://www.manningnapieradvisors.com

Additional information available at www.manningnapieradvisors.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual


15

Manning & Napier Fund, Inc.


SMALL CAP SERIES		\|		Semi-Annual Report - June 30, 2009

LOGO

Shareholder Expense Example (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2009 to June 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 1/1/09		Ending Account Value 6/30/09		Expenses Paid During Period* 1/1/09-6/30/09
Actual	$	1,000.00	$	1,220.90	$	6.44
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.99	$	5.86


		1

Portfolio Composition as of June 30, 2009 (unaudited)

Sector Allocation¹

LOGO

¹As a percentage of net assets.

Market Capitalization


Average		$1,510 Million
Median		1,301 Million
Weighted Average		1,618 Million

Top Ten Stock Holdings²


Riverbed Technology, Inc.		3.5%
Cerner Corp.		3.1%
Blue Coat Systems, Inc.		3.0%
Diagnosticos da America S.A. (Brazil)		2.8%
UbiSoft Entertainment S.A. (France)		2.6%
Calgon Carbon Corp.		2.5%
Bemis Co., Inc.		2.4%
Eclipsys Corp.		2.4%
TIBCO Software, Inc.		2.4%
PerkinElmer, Inc.		2.4%

²As a percentage of total investments.


2

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


COMMON STOCKS - 96.8%

Consumer Discretionary - 12.2%
Hotels, Restaurants & Leisure - 1.9%
International Game Technology	170,670	$	2,713,653

Household Durables - 3.1%
NVR, Inc.*	4,180		2,099,990
Rodobens Negocios Imobiliarios S.A. (Brazil) (Note 7)	253,670		2,317,626

			4,417,616

Media - 2.2%
Mediacom Communications Corp. - Class A*	597,010		3,050,721

Multiline Retail - 1.1%
Nordstrom, Inc.	82,100		1,632,969

Specialty Retail - 2.3%
Dick’s Sporting Goods, Inc.*	187,790		3,229,988

Textile, Apparel & Luxury Goods - 1.6%
True Religion Apparel, Inc.*	102,070		2,276,161

Total Consumer Discretionary			17,321,108

Consumer Staples - 9.5%
Beverages - 1.1%
The Boston Beer Co., Inc. - Class A*	52,990		1,567,974

Food & Staples Retailing - 1.8%
BJ’s Wholesale Club, Inc.*	78,720		2,537,146

Food Products - 5.1%
Dean Foods Co.*	152,050		2,917,839
Flowers Foods, Inc.	64,430		1,407,151
Sanderson Farms, Inc.	43,020		1,935,900
Tootsie Roll Industries, Inc.	41,715		946,513

			7,207,403

Personal Products - 1.5%
Alberto-Culver Co.	85,360		2,170,705

Total Consumer Staples			13,483,228

Energy - 5.3%
Energy Equipment & Services - 3.6%
Calfrac Well Services Ltd. (Canada) (Note 7)	132,210		1,404,070
Dril-Quip, Inc.*	56,690		2,159,889
Trican Well Service Ltd. (Canada) (Note 7)	180,290		1,553,449

			5,117,408

Oil, Gas & Consumable Fuels - 1.7%
Edge Petroleum Corp.*	1,138,140		669,226


The accompanying notes are an integral part of the financial statements.		3

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


COMMON STOCKS (continued)

Energy (continued)
Oil, Gas & Consumable Fuels (continued)
Forest Oil Corp.*	50,270	$	750,028
Mariner Energy, Inc.*	76,770		902,047

			2,321,301

Total Energy			7,438,709

Financials - 12.1%
Capital Markets - 4.1%
Federated Investors, Inc. - Class B	117,940		2,841,175
Legg Mason, Inc.	56,330		1,373,325
SEI Investments Co.	88,300		1,592,932

			5,807,432

Commercial Banks - 2.4%
First Commonwealth Financial Corp.	223,150		1,414,771
TCF Financial Corp.	143,210		1,914,718

			3,329,489

Insurance - 0.9%
First American Corp.	49,090		1,271,922

Real Estate Investment Trusts - 1.9%
Alexandria Real Estate Equities, Inc.	41,270		1,477,053
Home Properties, Inc.	37,670		1,284,547

			2,761,600

Thrifts & Mortgage Finance - 2.8%
First Niagara Financial Group, Inc.	176,580		2,016,544
NewAlliance Bancshares, Inc.	175,460		2,017,790

			4,034,334

Total Financials			17,204,777

Health Care - 17.9%
Health Care Equipment & Supplies - 5.4%
Abaxis, Inc.*	87,380		1,794,785
Inverness Medical Innovations, Inc.*	93,350		3,321,393
OraSure Technologies, Inc.*	436,500		1,078,155
Zoll Medical Corp.*	78,260		1,513,548

			7,707,881

Health Care Providers & Services - 2.9%
Diagnosticos da America S.A.* (Brazil) (Note 7)	230,120		4,052,236

Health Care Technology - 5.6%
Cerner Corp.*	72,150		4,494,224


4		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


COMMON STOCKS (continued)

Health Care (continued)
Health Care Technology (continued)
Eclipsys Corp.*	194,290	$	3,454,476

			7,948,700

Life Sciences Tools & Services - 4.0%
Exelixis, Inc.*	457,170		2,226,418
PerkinElmer, Inc.	195,580		3,403,092

			5,629,510

Total Health Care			25,338,327

Industrials - 12.7%
Airlines - 2.0%
AirTran Holdings, Inc.*	246,320		1,524,721
JetBlue Airways Corp.*	302,490		1,291,632

			2,816,353

Building Products - 1.2%
Owens Corning, Inc.*	134,140		1,714,309

Commercial Services & Supplies - 1.5%
Tomra Systems ASA (Norway) (Note 7)	594,600		2,136,886

Machinery - 2.9%
FreightCar America, Inc.	128,590		2,161,598
Lindsay Corp.	21,230		702,713
Wabtec Corp.	39,960		1,285,513

			4,149,824

Road & Rail - 3.9%
Heartland Express, Inc.	139,060		2,046,963
Kansas City Southern*	67,790		1,092,097
Knight Transportation, Inc.	145,450		2,407,198

			5,546,258

Trading Companies & Distributors - 1.2%
Rush Enterprises, Inc. - Class A*	140,590		1,637,874

Total Industrials			18,001,504

Information Technology - 19.0%
Communications Equipment - 9.4%
BigBand Networks, Inc.*	262,620		1,357,745
Blue Coat Systems, Inc.*	261,700		4,328,518
Infinera Corp.*	274,910		2,509,928
Riverbed Technology, Inc.*	219,340		5,086,495

			13,282,686


The accompanying notes are an integral part of the financial statements.		5

Investment Portfolio - June 30, 2009 (unaudited)


	Shares/ Principal Amount			Value (Note 2)


COMMON STOCKS (continued)

Information Technology (continued)
Computers & Peripherals - 0.5%
Diebold, Inc.		25,200		$	664,272

IT Services - 2.1%
Online Resources Corp.*		469,640			2,930,554

Semiconductors & Semiconductor Equipment - 2.0%
Netlogic Microsystems, Inc.*		78,760			2,871,590

Software - 5.0%
TIBCO Software, Inc.*		478,190			3,428,622
UbiSoft Entertainment S.A.* (France) (Note 7)		153,640			3,738,040

					7,166,662

Total Information Technology					26,915,764

Materials - 5.8%
Chemicals - 3.4%
Calgon Carbon Corp.*		254,940			3,541,117
The Scotts Miracle-Gro Co. - Class A		35,400			1,240,770

					4,781,887

Containers & Packaging - 2.4%			��
Bemis Co., Inc.		138,620			3,493,224

Total Materials					8,275,111

Utilities - 2.3%
Independent Power Producers and Energy Traders - 2.3%
Mirant Corp.*		104,160			1,639,478
RRI Energy, Inc.*		312,670			1,566,477

Total Utilities					3,205,955

TOTAL COMMON STOCKS (Identified Cost $137,307,886)					137,184,483


SHORT-TERM INVESTMENTS - 4.4%
Dreyfus Cash Management, Inc. - Institutional Shares		1,203,073			1,203,073
Federal Home Loan Bank Discount Note, 8/7/2009	$	5,000,000			4,999,169

TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $6,202,354)					6,202,242

TOTAL INVESTMENTS - 101.2%
(Identified Cost $143,510,240)					143,386,725

LIABILITIES, LESS OTHER ASSETS - (1.2%)					(1,636,954	)

NET ASSETS - 100%				$	141,749,771

*Non-income producing security


6		The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2009


ASSETS:


Investments, at value (identified cost $143,510,240) (Note 2)	$	143,386,725
Receivable for fund shares sold		219,234
Dividends receivable		56,974
Foreign tax reclaims receivable		3,647

TOTAL ASSETS		143,666,580

LIABILITIES:

Accrued management fees (Note 3)		116,954
Accrued fund accounting and transfer agent fees (Note 3)		7,423
Accrued Chief Compliance Officer service fees (Note 3)		400
Payable for securities purchased		1,674,660
Payable for fund shares repurchased		93,640
Audit fees payable		19,509
Other payables and accrued expenses		4,223

TOTAL LIABILITIES		1,916,809

TOTAL NET ASSETS	$	141,749,771

NET ASSETS CONSIST OF:

Capital stock	$	233,035
Additional paid-in-capital		238,271,510
Accumulated net investment loss		(215,054	)
Accumulated net realized loss on investments, foreign currency and translation of other assets and liabilities		(96,415,694	)
Net unrealized depreciation on investments and translation of other assets and liabilities		(124,026	)

TOTAL NET ASSETS	$	141,749,771

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - CLASS A ($141,749,771/23,303,546 shares)	$	6.08


The accompanying notes are an integral part of the financial statements.		7

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009


INVESTMENT INCOME:


Dividends (net of foreign tax withheld, $12,127)	$	578,511
Interest		2,426

Total Investment Income		580,937

EXPENSES:

Management fees (Note 3)		603,056
Fund accounting and transfer agent fees (Note 3)		42,226
Directors’ fees (Note 3)		6,123
Chief Compliance Officer service fees (Note 3)		1,899
Custodian fees		9,993
Miscellaneous		41,497

Total Expenses		704,794
Less reduction of expenses (Note 3)		(1,258	)

Net Expenses		703,536

NET INVESTMENT LOSS		(122,599	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:

Net realized loss on -
Investments		(25,127,522	)
Foreign currency and translation of other assets and liabilities		(35,135	)

		(25,162,657	)


Net change in unrealized depreciation on -
Investments		50,641,975
Foreign currency and translation of other assets and liabilities		198

		50,642,173


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		25,479,516

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	25,356,917


8		The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets


	For the Six Months Ended 6/30/09 (unaudited)			For the Year Ended 12/31/08

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:

Net investment loss	$	(122,599	)	$	(590,551	)
Net realized loss on investments and foreign currency		(25,162,657	)		(71,346,243	)
Net change in unrealized depreciation on investments and foreign currency		50,642,173			(26,249,635	)

Net increase (decrease) from operations		25,356,917			(98,186,429	)

DISTRIBUTIONS TO SHAREHOLDERS (Note 8):

From net realized gain on investments		—			(1,696,201	)

CAPITAL STOCK ISSUED AND REPURCHASED:

Net increase (decrease) from capital share transactions (Note 5)		(3,769,439	)		35,046,424

Net increase (decrease) in net assets		21,587,478			(64,836,206	)

NET ASSETS:

Beginning of period		120,162,293			184,998,499

End of period (including accumulated net investment loss of $215,054 and $92,455, respectively)	$	141,749,771		$	120,162,293


The accompanying notes are an integral part of the financial statements.		9

Financial Highlights


	For the Six Months Ended 6/30/09 (unaudited)	*For the Years Ended*
	For the Six Months Ended 6/30/09 (unaudited)	*12/31/08*	*12/31/07*	*12/31/06*	*12/31/05*	*12/31/04*


Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$4.98	$10.21	$13.08	$13.66	$15.01	$13.12

Income (loss) from investment operations:
Net investment loss	(0.01)	(0.02)	(0.01)	(0.05)	(0.07)	(0.07)
Net realized and unrealized gain (loss) on investments	1.11	(5.12)	(1.25)	2.55	2.20	2.66

Total from investment operations	1.10	(5.14)	(1.26)	2.50	2.13	2.59


Less distributions to shareholders:
From net realized gain on investments	—	(0.09)	(1.61)	(3.08)	(3.48)	(0.70)

Net asset value - End of period	$6.08	$4.98	$10.21	$13.08	$13.66	$15.01

Net assets - End of period (000’s omitted)	$141,750	$120,162	$184,998	$175,491	$154,416	$169,438

Total return¹	22.09%	(50.68%)	(9.32%)	18.06%	14.11%	19.81%
Ratios (to average net assets)/Supplemental Data:
Expenses*	1.17%²	1.15%	1.14%	1.16%	1.19%	1.22%
Net investment loss	(0.20%)²	(0.39%)	(0.08%)	(0.40%)	(0.51%)	(0.54%)
Portfolio turnover	44%	68%	64%	85%	55%	61%

*The investment advisor did not impose all of its management fee and/or fund accounting and transfer agent fees in some periods and is not eligible to recoup any expenses that have been waived or reimbursed in prior periods. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have been increased by the
following amount:	0.00%^2,3	N/A	N/A	N/A	N/A	0.01%

²Annualized.

³Less than 0.01%.


10		The accompanying notes are an integral part of the financial statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

Small Cap Series (the “Series”) is a no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The Series’ investment objective is to provide long-term growth by investing principally in the common stocks of companies with small market capitalizations.

The Fund’s Advisor is Manning & Napier Advisors, Inc. (the “Advisor”). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 10.0 billion shares of common stock each having a par value of $0.01. As of June 30, 2009, 4.5 billion shares have been designated in total among 28 series, of which 87.5 million have been designated as Small Cap Series Class A common stock.

2.	SIGNIFICANT ACCOUNTING POLICIES

Security Valuation


		11

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Valuation (continued)

June 15, 2009. FSP 157-4 clarifies FAS 157 and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for an asset or liability such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. FSP 157-4 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. The impact on the Series resulting from the adoption of this FSP is expanded disclosure as shown below.

The following is a summary of the levels used as of June 30, 2009 in valuing the Series’ assets or liabilities carried at market value:


*Description:*	*6/30/2009*		*Level 1*		*Level 2*		*Level 3*
Equity securities*	$	137,184,483	$	137,184,483	$	—	$	—
Preferred securities		—		—		—		—
Debt securities:
US Treasury and other US government agencies		4,999,169		—		4,999,169		—
Mutual funds		1,203,073		1,203,073		—
Other financial instruments**		—		—		—		—

Total	$	143,386,725	$	138,387,556	$	4,999,169	$	—

*Includes common stock, warrants and rights.

There were no Level 3 securities held by the Series as of December 31, 2008 or June 30, 2009.

Security Transactions, Investment Income and Expenses

Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in


12

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Transactions, Investment Income and Expenses (continued)

the Fund in such a manner as deemed equitable by the Fund’s Board, taking into consideration, among other things, the nature and type of expense.

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

Foreign Currency Translation

Federal Taxes


		13

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Distributions of Income and Gains

Recent Accounting Pronouncements

Indemnifications

Other

3.	TRANSACTIONS WITH AFFILIATES


14

Notes to Financial Statements (unaudited)

3.	TRANSACTIONS WITH AFFILIATES (continued)

percentage of the Fund’s Chief Compliance Officer’s salary, which is paid by the Fund), and of all Directors who are “affiliated persons” of the Fund, or of the Advisor, and all personnel of the Fund, or of the Advisor, performing services relating to research, statistical and investment activities, are paid by the Advisor. Each “non-affiliated” Director receives an annual stipend, which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended for each active series of the Fund plus a fee for each committee meeting attended.

For fund accounting and transfer agent services, the Fund pays the Advisor an annual fee of 0.055% of the Fund’s average daily net assets up to $4.5 billion, 0.03% of the Fund’s average daily net assets between $4.5 billion and $7.5 billion, and 0.02% of the Fund’s average daily net assets over $7.5 billion. Additionally, certain transaction and account-based fees and out-of-pocket expenses, including charges for reporting relating to the Fund’s compliance program, are charged. Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense. The Advisor has an agreement with Citi Fund Services Ohio, Inc. (“Citi”) under which Citi serves as sub-accountant and sub-transfer agent. The Advisor voluntarily agreed to waive a portion of the fund accounting and transfer agent fees for the period March 1, 2009 to April 30, 2009. Accordingly, the Advisor waived fees of $1,258, which is included as a reduction of expenses on the Statement of Operations.

4.	PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2009, purchases and sales of securities, other than United States Government securities and short-term securities, were $50,760,854 and $51,395,142, respectively. There were no purchases or sales of United States Government securities.

5.	CAPITAL STOCK TRANSACTIONS

Transactions in Class A shares of Small Cap Series were:


	For the Six Months Ended 6/30/09					For the Year Ended 12/31/08
	Shares		Amount			Shares		Amount
Sold	2,342,702		$	12,026,494		9,626,461		$	62,628,594
Reinvested	—			—		210,004			1,675,830
Repurchased	(3,146,451	)		(15,795,933	)	(3,840,314	)		(29,258,000	)

Total	(803,749	)	$	(3,769,439	)	5,996,151		$	35,046,424

Approximately 90% of the Series’ shares represent investments by fiduciary accounts over which the Advisor has sole investment discretion.

6.	FINANCIAL INSTRUMENTS


		15

Notes to Financial Statements (unaudited)

6.	FINANCIAL INSTRUMENTS (continued)

contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. No such investments were held by the Series on June 30, 2009.

7.	FOREIGN SECURITIES

8.	FEDERAL INCOME TAX INFORMATION

The tax character of distributions paid for the year ended December 31, 2008 were as follows:


Ordinary income	$	242,042
Long-term capital gains		1,454,159

For the year ended December 31, 2008, the Series elected to defer $30,186,055 and $92,455 of capital and currency losses, respectively, attributable to Post-October losses.

At December 31, 2008, the Series had a capital loss carryover of $41,066,982, available to the extent allowed by tax law to offset future net capital gain, if any, which will expire on December 31, 2016.


Cost for federal income tax purposes	$	143,510,240
Unrealized appreciation	$	17,323,630
Unrealized depreciation		(17,447,145	)

Net unrealized depreciation	$	(123,515	)

9.	SUBSEQUENT EVENTS


16

(THISPAGEINTENTIONALLYLEFTBLANK)


		17

Literature Requests (unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:


By phone		1-800-466-3863
On the Securities and Exchange Commission’s (SEC) web site		http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30^th is available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Quarterly Portfolio Holdings

The Series’ complete schedule of portfolio holdings for the 1^st and 3^rd quarters of each fiscal year are provided on Form N-Q, and are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

The prospectus and SAI provide additional information about each Series, including charges, expenses and risks. These documents are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov
On the Advisor’s web site		http://www.manningnapieradvisors.com

Additional information available at www.manningnapieradvisors.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual


		18

Manning & Napier Fund, Inc.


CORE PLUS BOND SERIES		\|		Semi-Annual Report - June 30, 2009

LOGO

Shareholder Expense Example (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2009 to June 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 1/1/09		Ending Account Value 6/30/09		Expenses Paid During Period* 1/1/09-6/30/09
Actual	$	1,000.00	$	1,052.80	$	4.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.88	$	3.96

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 0.79%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses are based on the most recent fiscal half year. The Series’ total return would have been lower had certain expenses not been waived during the period.


		1

Portfolio Composition as of June 30, 2009 (unaudited)

Sector Allocation¹

LOGO

¹As a percentage of net assets.

Credit Quality Ratings²^,3

LOGO

²As a percentage of total corporate bonds, preferred stocks, asset-backed securities and municipal bonds.


2

Investment Portfolio - June 30, 2009 (unaudited)


	Credit Rating¹ *(unaudited)*		Principal Amount		Value (Note 2)


CORPORATE BONDS - 71.00%

Convertible Corporate Bonds - 2.74%
Consumer Discretionary - 0.46%
Hotels, Restaurants & Leisure - 0.46%
Carnival Corp., 2.00%, 4/15/2021	A3		$	1,680,000	$	1,608,600

Health Care - 1.26%
Biotechnology - 0.85%
Amgen, Inc., 0.375%, 2/1/2013	A3			3,270,000		2,951,175

Health Care Equipment & Supplies - 0.18%
Medtronic, Inc., 1.625%, 4/15/2013	A1			665,000		612,631

Health Care Providers & Services - 0.23%
LifePoint Hospitals, Inc., 3.50%, 5/15/2014	B	²		1,000,000		802,500

Total Health Care						4,366,306

Industrials - 0.52%
Airlines - 0.52%
JetBlue Airways Corp., 3.75%, 3/15/2035	Ca			1,900,000		1,819,250

Information Technology - 0.50%
Computers & Peripherals - 0.50%
EMC Corp., 1.75%, 12/1/2013	A	²		1,685,000		1,718,700

Total Convertible Corporate Bonds (Identified Cost $10,325,660)						9,512,856


Non-Convertible Corporate Bonds - 68.26%
Consumer Discretionary - 11.50%
Hotels, Restaurants & Leisure - 2.71%
International Game Technology, 7.50%, 6/15/2019	Baa2			3,320,000		3,349,814
McDonald’s Corp., Series I, 6.30%, 10/15/2037	A3			3,350,000		3,615,421
Scientific Games International^4,5, 9.25%, 6/15/2019	Ba3			1,000,000		1,000,000
Speedway Motorsports, Inc.^4,5, 8.75%, 6/1/2016	Ba1			500,000		506,250
Wendy’s/Arby’s Restaurant LLC^4,5., 10.00% 7/15/2016	B2			1,000,000		956,250

						9,427,735

Household Durables - 1.10%
Fortune Brands, Inc., 5.375%, 1/15/2016	Baa2			4,160,000		3,816,118


The accompanying notes are an integral part of the financial statements.		3

Investment Portfolio - June 30, 2009 (unaudited)


	Credit Rating¹ *(unaudited)*	Principal Amount		Value (Note 2)


CORPORATE BONDS (continued)

Non-Convertible Corporate Bonds (continued)
Consumer Discretionary (continued)
Media - 3.22%
AOL Time Warner (now known as Time Warner, Inc.), 7.625%, 4/15/2031	Baa2	$	2,725,000	$	2,649,125
Comcast Corp., 6.50%, 11/15/2035	Baa1		3,105,000		3,138,823
Comcast Corp., 6.95%, 8/15/2037	Baa1		1,855,000		1,934,170
UPC Holding B.V.^4,5 , 9.875%, 4/15/2018 (Netherlands) (Note 7)	B2		1,000,000		951,250
Virgin Media Finance plc., Series 1, 9.50%, 8/15/2016 (United Kingdom) (Note 7)	B2		500,000		492,500
The Walt Disney Co., Series B, 7.00%, 3/1/2032	A2		1,720,000		2,000,659

					11,166,527

Multiline Retail - 0.98%
Target Corp., 6.00%, 1/15/2018	A2		3,225,000		3,419,222

Specialty Retail - 2.39%
General Nutrition Center, Inc., 10.75%, 3/15/2015	Caa2		1,000,000		850,000
Home Depot, Inc., 5.40%, 3/1/2016	Baa1		4,065,000		4,057,768
Lowe’s Companies, Inc., 6.10%, 9/15/2017	A1		3,175,000		3,381,238

					8,289,006

Textiles, Apparel & Luxury Goods - 1.10%
Levi Strauss & Co., 8.875%, 4/1/2016	B2		1,000,000		967,500
VF Corp., 5.95%, 11/1/2017	A3		2,815,000		2,838,587

					3,806,087

Total Consumer Discretionary					39,924,695

Consumer Staples - 3.87%
Beverages - 1.51%
Constellation Brands, Inc., 8.375%, 12/15/2014	Ba3		1,205,000		1,208,013
Pepsico, Inc., 7.90%, 11/1/2018	Aa2		3,330,000		4,051,291

					5,259,304

Food & Staples Retailing - 0.29%
Rite Aid Corp.^4,5, 9.75%, 6/12/2016	B3		1,000,000		1,000,000


4		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Credit Rating¹ *(unaudited)*	Principal Amount		Value (Note 2)


CORPORATE BONDS (continued)

Non-Convertible Corporate Bonds (continued)
Consumer Staples (continued)
Food Products - 2.06%
General Mills, Inc., 5.65%, 2/15/2019	Baa1	$	3,260,000	$	3,407,235
Kraft Foods Inc., 6.125%, 2/1/2018	Baa2		3,610,000		3,732,462

					7,139,697

Household Products - 0.01%
The Procter & Gamble Co., 4.85%, 12/15/2015	Aa3		25,000		26,803

Total Consumer Staples					13,425,804

Energy - 7.02%
Energy Equipment & Services - 2.65%
Baker Hughes, Inc., 7.50%, 11/15/2018	A2		3,155,000		3,694,694
Chesapeake Energy Corp., 9.50%, 2/15/2015	Ba3		1,000,000		1,007,500
Compagnie Generale de Geophysique - Veritas, 7.75%, 5/15/2017	Ba3		1,000,000		910,000
Weatherford International Ltd., 9.625%, 3/1/2019 (Switzerland) (Note 7)	Baa1		3,050,000		3,588,041

					9,200,235

Oil, Gas & Consumable Fuels - 4.37%
Anadarko Petroleum Corp., 5.95%, 9/15/2016	Baa3		1,875,000		1,849,920
Apache Corp., 6.90%, 9/15/2018	A3		3,275,000		3,749,548
Arch Western Finance LLC, 6.75%, 7/1/2013	B1		3,765,000		3,435,563
Gibson Energy ULC/GEP Midstream Finance Corp.^4,5, 11.75%, 5/27/2014	B1		2,000,000		1,980,000
Linn Energy, LLC.^4,5 , 11.75%, 5/15/2017	B3		2,000,000		1,945,000
Plains Exploration & Production Co., 10.00%, 3/1/2016	B1		1,000,000		1,027,500
Tesoro Corp., 9.75%, 6/1/2019	Ba1		250,000		246,875
Whiting Petroleum Corp., 7.00%, 2/1/2014	B1		1,000,000		927,500

					15,161,906

Total Energy					24,362,141

Financials - 15.14%
Capital Markets - 2.96%
Goldman Sachs Capital I, 6.345%, 2/15/2034	A2		3,450,000		2,783,315
The Goldman Sachs Group, Inc., 6.15%, 4/1/2018	A1		3,385,000		3,295,558


The accompanying notes are an integral part of the financial statements.		5

Investment Portfolio - June 30, 2009 (unaudited)


	Credit Rating¹ *(unaudited)*	Principal Amount		Value (Note 2)


CORPORATE BONDS (continued)

Non-Convertible Corporate Bonds (continued)
Financials (continued)
Capital Markets (continued)
Merrill Lynch & Co., Inc., 6.11%, 1/29/2037	A3	$	1,145,000	$	884,347
Morgan Stanley, Series F, 5.55%, 4/27/2017	A2		3,544,000		3,299,032

					10,262,252

Commercial Banks - 6.19%
Household Finance Co. (now known as HSBC Finance Corp.), 6.375%, 11/27/2012	A3		815,000		828,974
HSBC Financial Corp., 7.00%, 5/15/2012	A3		4,300,000		4,433,162
Manufacturers & Traders Trust Co., 6.625%, 12/4/2017	A3		4,605,000		4,380,497
PNC Bank National Association, 5.25%, 1/15/2017	A2		5,640,000		5,080,602
U.S. Bank National Association, 6.375%, 8/1/2011	Aa2		85,000		91,078
U.S. Bank National Association, 6.30%, 2/4/2014	Aa2		2,980,000		3,236,495
Wachovia Corp., 5.25%, 8/1/2014	A2		3,490,000		3,415,216

					21,466,024

Consumer Finance - 2.07%
American Express Credit Co., Series C, 7.30%, 8/20/2013	A2		3,340,000		3,472,628
SLM Corp.^6,7, Series A, 4.00%, 1/15/2010	Ba1		3,835,000		3,714,596

					7,187,224

Diversified Financial Services - 3.13%
Bank of America Corp., 5.75%, 8/15/2016	A3		3,715,000		3,223,401
Bank of America Corp., 7.625%, 6/1/2019	A2		3,315,000		3,329,788
JPMorgan Chase & Co., 6.30%, 4/23/2019	Aa3		4,300,000		4,325,043

					10,878,232

Insurance - 0.79%
Ambac Financial Group, Inc., 5.95%, 12/5/2035	Caa1		5,285,000		1,685,011
American International Group, Inc., 4.25%, 5/15/2013	A3		1,840,000		1,065,837

					2,750,848

Total Financials					52,544,580


6		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Credit Rating¹ *(unaudited)*	Principal Amount		Value (Note 2)


CORPORATE BONDS (continued)

Non-Convertible Corporate Bonds (continued)
Health Care - 7.08%
Health Care Equipment & Supplies - 2.15%
Becton Dickinson and Co., 6.00%, 5/15/2039	A2	$	3,350,000	$	3,483,256
Fresenius Medical Care Capital Trust IV, 7.875%, 6/15/2011	Ba3		2,000,000		2,035,000
Inverness Medical Innovations, Inc., 9.00%, 5/15/2016	B3		2,000,000		1,935,000

					7,453,256

Health Care Providers & Services - 0.57%
HCA, Inc.^4,5, 8.50%, 4/15/2019	Ba3		1,000,000		980,000
Healthsouth Corp., 10.75%, 6/15/2016	Caa1		1,000,000		1,005,000

					1,985,000

Pharmaceuticals - 4.36%
Abbott Laboratories, 5.875%, 5/15/2016	A1		500,000		545,311
Abbott Laboratories, 5.60%, 11/30/2017	A1		2,707,000		2,899,560
Johnson & Johnson, 5.95%, 8/15/2037	Aaa		2,945,000		3,173,196
Novartis Security Investment Ltd., 5.125%, 2/10/2019 (Bermuda) (Note 7)	Aa2		4,350,000		4,450,424
Wyeth, 6.50%, 2/1/2034	A3		3,680,000		4,066,466

					15,134,957

Total Health Care					24,573,213

Industrials - 12.95%
Aerospace & Defense - 2.05%
Boeing Co., 6.00%, 3/15/2019	A2		3,085,000		3,363,964
Honeywell International, Inc., 5.30%, 3/1/2018	A2		3,600,000		3,759,692

					7,123,656

Air Freight & Logistics - 1.13%
FedEx Corp., 8.00%, 1/15/2019	Baa2		435,000		495,723
United Parcel Service, Inc., 6.20%, 1/15/2038	Aa3		3,130,000		3,424,373

					3,920,096

Airlines - 1.09%
Southwest Airlines Co., 5.25%, 10/1/2014	Baa1		3,925,000		3,782,212

Commercial Services & Supplies - 0.97%
Waste Management, Inc., 7.375%, 3/11/2019	Baa3		3,130,000		3,354,180


The accompanying notes are an integral part of the financial statements.		7

Investment Portfolio - June 30, 2009 (unaudited)


	Credit Rating¹ *(unaudited)*	Principal Amount		Value (Note 2)


CORPORATE BONDS (continued)

Non-Convertible Corporate Bonds (continued)
Industrials (continued)
Industrial Conglomerates - 2.14%
General Electric Capital Corp., 5.625%, 5/1/2018	Aa2	$	2,150,000	$	2,033,433
General Electric Capital Corp., Series A, 6.75%, 3/15/2032	Aa2		3,695,000		3,317,024
General Electric Co., 5.25%, 12/6/2017	Aa2		2,100,000		2,062,295

					7,412,752

Machinery - 2.50%
Caterpillar Financial Service Corp., Series F, 7.05%, 10/1/2018	A2		3,385,000		3,566,788
John Deere Capital Corp., 5.50%, 4/13/2017	A2		1,240,000		1,251,464
John Deere Capital Corp., 5.75%, 9/10/2018	A2		3,795,000		3,872,270

					8,690,522

Road & Rail - 3.07%
CSX Corp., 6.00%, 10/1/2036	Baa3		4,530,000		4,103,433
Kansas City Southern Railway Co., 8.00%, 6/1/2015	B2		1,000,000		930,000
Railamerica, Inc.^4,5 , 9.25%, 7/1/2017	B1		2,000,000		1,930,000
Union Pacific Corp., 5.65%, 5/1/2017	Baa2		3,675,000		3,685,632

					10,649,065

Total Industrials					44,932,483

Information Technology - 4.43%
Communications Equipment - 2.49%
Cisco Systems, Inc., 5.90%, 2/15/2039	A1		3,310,000		3,259,672
Corning, Inc., 6.20%, 3/15/2016	Baa1		3,915,000		3,791,466
Lucent Technologies, Inc. (now known as Alcatel-Lucent USA, Inc.) 6.50%, 1/15/2028	B1		1,000,000		560,000
Nokia Corp., 5.375%, 5/15/2019 (Finland) (Note 7)	A1		1,000,000		1,011,735

					8,622,873

Computers & Peripherals - 1.01%
IBM Corp., 8.00%, 10/15/2038	A1		2,710,000		3,507,575

Software - 0.93%
Microsoft Corp., 5.20%, 6/1/2039	Aaa		3,325,000		3,236,186

Total Information Technology					15,366,634

Materials - 3.34%
Chemicals - 1.06%
E.I. du Pont de Nemours & Co., 6.00%, 7/15/2018	A2		3,435,000		3,702,693


8		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Credit Rating¹ *(unaudited)*	Principal Amount		Value (Note 2)


CORPORATE BONDS (continued)

Non-Convertible Corporate Bonds (continued)
Materials (continued)
Containers & Packaging - 0.29%
Bway Corp.^4,5, 10.00%, 4/15/2014	B3	$	1,000,000	$	997,500

Metals & Mining - 1.68%
Alcoa, Inc., 5.87%, 2/23/2022	Baa3		2,185,000		1,716,409
BHP Billiton Finance (USA) Ltd., 6.50%, 4/1/2019	A1		3,230,000		3,586,996
Teck Resources Ltd.^4,5 , 10.75%, 5/15/2019 (Canada) (Note 7)	Ba2		500,000		537,500

					5,840,905

Paper & Forest Products - 0.31%
Georgia-Pacific LLC^4,5 , 8.25%, 5/1/2016	Ba3		1,100,000		1,067,000

Total Materials					11,608,098

Telecommunication Services - 0.28%
Wireless Telecommunication Services - 0.28%
CC Holdings GS V LLC/Crown Castle GS III Corp.^4,5, 7.75%, 5/1/2017	Ba1		1,000,000		975,000

Utilities - 2.65%
Electric Utilities - 2.40%
Allegheny Energy Supply Co. LLC^4,5, 8.25%, 4/15/2012	Baa3		1,600,000		1,664,789
Exelon Generation Co. LLC, 5.35%, 1/15/2014	A3		3,355,000		3,360,546
Southwestern Electric Power Co., 6.45%, 1/15/2019	Baa3		3,240,000		3,304,301

					8,329,636

Multi-Utilities - 0.25%
CenterPoint Energy Resources Corp., Series B, 7.875%, 4/1/2013	Baa3		770,000		821,334
Duke Energy Field Services LLC (now known as DCP Midstream LLC), 7.875%, 8/16/2010	Baa2		30,000		31,383
Sempra Energy, 7.95%, 3/1/2010	Baa1		30,000		31,076

					883,793

Total Utilities					9,213,429

Total Non-Convertible Corporate Bonds (Identified Cost $232,528,801)					236,926,077

TOTAL CORPORATE BONDS (Identified Cost $242,854,461)					246,438,933


The accompanying notes are an integral part of the financial statements.		9

Investment Portfolio - June 30, 2009 (unaudited)


	Credit Rating¹ *(unaudited)*		Shares/ Principal Amount		Value (Note 2)


PREFERRED STOCKS - 0.47%
Energy - 0.02%
Oil, Gas & Consumable Fuels - 0.02%
Edge Petroleum Corp.-Series A	NA	³		35,050	$	70,100

Financials - 0.45%
Commercial Banks - 0.45%
PNC Financial Services Group, Inc. - Series K	Baa2			1,850,000		1,552,280

TOTAL PREFERRED STOCKS (Identified Cost $3,105,216)						1,622,380


ASSET-BACKED SECURITIES - 0.48%
Capital Auto Receivable Asset Trust, Series 2007-1, 5.01%, 4/16/2012	Aaa		$	300,000		311,233
Capital Auto Receivable Asset Trust, Series 2007-3, 5.21%, 3/17/2014	Aaa			200,000		205,048
Ford Credit Auto Owner Trust, Series 2008-C⁶, 2.06938%, 4/15/2013	Aaa			300,000		297,044
SLM Student Loan Trust, Series 2002-4⁷, 0.76938%, 3/15/2017	Aaa			673,000		663,303
Terra 2007-1A B1 Static Synthetic CDO^4,7,8, 1.60875%, 3/20/2015	CCC	²		1,000,000		188,800

TOTAL ASSET-BACKED SECURITIES (Identified Cost $2,392,722)						1,665,428


MUNICIPAL BONDS - 1.49%
Califonia State, G.O. Bond, 7.55%, 4/1/2039	A2			500,000		456,960
Commerce Independent School District, School Building, G.O. Bond, 4.50%, 8/15/2037	Aaa			500,000		463,865
Illinois State Toll Highway Authority, Revenue Bond, 6.184%, 1/1/2034	Aa3			1,000,000		1,023,230
Mesa Arizona Utility System, Revenue Bond, 6.375%, 7/1/2033	A1			500,000		520,435
Metropolitan Transportation Authority, Dedicated Tax Fund, Revenue Bond, 7.336%,11/15/2039	AA	²		1,000,000		1,188,790
Nebraska Public Power District, Revenue Bond, 7.399%, 1/1/2035	A1			500,000		523,205
Utah Transit Authority, Sales Tax, Series B, Revenue Bond, 5.937%, 6/15/2039	Aa3			1,000,000		991,560

TOTAL MUNICIPAL BONDS (Identified Cost $5,155,633)						5,168,045


10		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Shares/ Principal Amount		Value (Note 2)


MUTUAL FUNDS - 8.61%
iShares iBoxx High Yield Corporate Bond Fund		148,550	$	11,840,921
iShares iBoxx Investment Grade Corporate Bond Fund		178,200		17,869,896
John Hancock Preferred Income Fund		10,500		157,815

TOTAL MUTUAL FUNDS (Identified Cost $26,665,108)				29,868,632


U.S. GOVERNMENT AGENCIES - 15.87%
Mortgage-Backed Securities - 15.87%
Fannie Mae, Pool #829068, 4.50%, 8/1/2020	$	69,950		72,133
Fannie Mae, Pool #825922, 4.50%, 9/1/2020		526,407		542,835
Fannie Mae, Pool #829070, 4.50%, 9/1/2020		60,351		62,235
Fannie Mae, Pool #837186, 4.50%, 12/1/2020		221,726		228,646
Fannie Mae, Pool #256114, 4.50%, 1/1/2021		158,903		163,862
Fannie Mae, Pool #852931, 4.50%, 4/1/2021		314,491		321,455
Fannie Mae, Pool #869204, 4.50%, 5/1/2021		318,066		325,110
Fannie Mae, Pool #256543, 5.00%, 11/1/2021		495,301		514,773
Fannie Mae, Pool #900880, 5.00%, 12/1/2021		616,990		641,245
Fannie Mae, Pool #904409, 5.00%, 12/1/2021		463,818		482,051
Fannie Mae, Pool #905666, 5.00%, 12/1/2021		186,069		193,383
Fannie Mae, Pool #906708, 5.00%, 12/1/2021		595,430		618,838
Fannie Mae, Pool #907113, 5.00%, 12/1/2021		441,066		458,406
Fannie Mae, Pool #899017, 5.00%, 1/1/2022		470,781		489,288
Fannie Mae, Pool #909352, 5.00%, 2/1/2022		16,605		17,217
Fannie Mae, Pool #912415, 5.00%, 2/1/2022		532,401		553,331
Federal Home Loan Mortgage Corp., Pool #M90974, 4.50%, 3/1/2010		281,932		290,808
Federal Home Loan Mortgage Corp., Pool #E01488, 5.00%, 10/1/2018		9,998		10,388
Federal Home Loan Mortgage Corp., Pool #J02511, 5.00%, 9/1/2020		145,098		150,984
Federal Home Loan Mortgage Corp., Pool #J00774, 5.00%, 12/1/2020		54,886		57,112
Federal Home Loan Mortgage Corp., Pool #G11896, 4.50%, 1/1/2021		4,106,610		4,230,921
Federal Home Loan Mortgage Corp., Pool #G11981, 5.00%, 4/1/2021		49,572		51,490
Federal Home Loan Mortgage Corp., Pool #G18160, 5.00%, 11/1/2021		47,788		49,636
Federal Home Loan Mortgage Corp., Pool #G18156, 5.00%, 12/1/2021		1,972,570		2,048,884
Federal Home Loan Mortgage Corp., Pool #G12491, 5.00%, 1/1/2022		48,891		50,783


The accompanying notes are an integral part of the financial statements.		11

Investment Portfolio - June 30, 2009 (unaudited)


	Principal Amount		Value (Note 2)


U.S. GOVERNMENT AGENCIES (continued)
Mortgage-Backed Securities (continued)
Federal Home Loan Mortgage Corp., Pool #J04222, 5.00%, 1/1/2022	$	571,913	$	592,609
Federal Home Loan Mortgage Corp., Pool #G18168, 5.00%, 2/1/2022		399,989		414,463
Federal Home Loan Mortgage Corp., Pool #G18182, 5.50%, 5/1/2022		2,240,801		2,345,348
Federal Home Loan Mortgage Corp., Pool #G12833, 4.50%, 9/1/2022		6,712,940		6,857,408
Federal Home Loan Mortgage Corp., Pool #J06711, 5.00%, 1/1/2023		6,383,519		6,614,522
Federal Home Loan Mortgage Corp., Pool #G02327, 6.50%, 8/1/2036		24,902		26,498
Federal Home Loan Mortgage Corp., Pool #A52364, 6.50%, 9/1/2036		8,224		8,751
Federal Home Loan Mortgage Corp., Pool #A52428, 6.50%, 9/1/2036		551,306		586,635
Federal Home Loan Mortgage Corp., Pool #A54391, 6.50%, 9/1/2036		9,336		9,954
Federal Home Loan Mortgage Corp., Pool #A61160, 6.50%, 9/1/2036		19,032		20,252
Federal Home Loan Mortgage Corp., Pool #A52716, 6.50%, 10/1/2036		3,425,587		3,645,105
Federal Home Loan Mortgage Corp., Pool #A52888, 6.50%, 10/1/2036		149,083		158,636
Federal Home Loan Mortgage Corp., Pool #G02433, 6.50%, 11/1/2036		552,299		587,692
Federal Home Loan Mortgage Corp., Pool #A55847, 6.50%, 12/1/2036		17,634		18,764
Federal Home Loan Mortgage Corp., Pool #A62373, 5.00%, 6/1/2037		11,773,348		11,991,799
Federal Home Loan Mortgage Corp., Pool #G03447, 5.50%, 10/1/2037		1,785,470		1,845,712
Federal Home Loan Mortgage Corp., Pool #A78837, 5.50%, 6/1/2038		86,356		89,265
Federal Home Loan Mortgage Corp., Pool #G04764, 5.50%, 9/1/2038		4,948,467		5,115,151
Federal Home Loan Mortgage Corp., Pool #A82556, 5.50%, 10/1/2038		53,559		55,363
GNMA, Pool #487193, 5.00%, 4/15/2020		419,857		441,086
GNMA, Pool #563559, 6.50%, 4/15/2032		449,696		483,441
GNMA, Pool #552765, 6.50%, 9/15/2032		520,858		559,943

TOTAL U.S. GOVERNMENT AGENCIES (Identified Cost $52,649,012)				55,094,211


12		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	Value (Note 2)


SHORT-TERM INVESTMENTS - 0.70%
Dreyfus Cash Management, Inc. - Institutional Shares
(Identified Cost $2,442,154)	2,442,154	$	2,442,154

TOTAL INVESTMENTS - 98.62% (Identified Cost $335,264,306)			342,299,783

OTHER ASSETS, LESS LIABILITIES - 1.38%			4,800,758

NET ASSETS - 100%		$	347,100,541

Key:

G.O. Bond - General Obligation Bond

¹Credit ratings from Moody’s (unaudited).

²Credit ratings from S&P (unaudited).

³There is no credit rating available as of June 30, 2009.

⁴Restricted securities - Investment in securities that are restricted as to public resale under the Securities Act of 1933, as amended. These securities amount to $16,679,339, or 4.81%, of the Series’ net assets as of June 30, 2009 (see Note 2 to the financial statements).

⁵This security has been sold under rule 144A and has been determined to be liquid under guidelines established by the Board of Directors (see Note 2 to the financial statements).

⁶The coupon rate is a floating rate and is subject to change monthly. The coupon rate stated is the rate as of June 30, 2009.

⁷The coupon rate is a floating rate and is subject to change quarterly. The coupon rate stated is the rate as of June 30, 2009.

⁸This security was acquired on February 28, 2007 at a cost of $1,000,000 ($100.00 per share) and has been determined to be illiquid under guidelines established by the Board of Directors (see Note 2 to the financial statements).


The accompanying notes are an integral part of the financial statements.		13

Statement of Assets and Liabilities (unaudited)

June 30, 2009



ASSETS:

Investments, at value (identified cost, $335,264,306) (Note 2)	$	342,299,783
Interest receivable		4,387,124
Receivable for fund shares sold		772,609
Dividends receivable		18,341

TOTAL ASSETS		347,477,857

LIABILITIES:

Accrued management fees (Note 3)		195,471
Accrued fund accounting and transfer agent fees (Note 3)		16,405
Accrued Chief Compliance Officer service fees (Note 3)		408
Payable for fund shares repurchased		143,932
Audit fees payable		18,025
Other payables and accrued expenses		3,075

TOTAL LIABILITIES		377,316

TOTAL NET ASSETS	$	347,100,541

NET ASSETS CONSIST OF:

Capital stock	$	341,169
Additional paid-in-capital		338,549,052
Undistributed net investment income		9,645,034
Accumulated net realized loss on investments, foreign currency and translation of other assets and liabilities		(8,470,191	)
Net unrealized appreciation on investments and translation of other assets and liabilities		7,035,477

TOTAL NET ASSETS	$	347,100,541

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE ($347,100,541/34,116,872 shares)	$	10.17


14		The accompanying notes are an integral part of the financial statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009



INVESTMENT INCOME:

Interest	$	9,656,099
Dividends		996,048

Total Investment Income		10,652,147

EXPENSES:

Management fees (Note 3)		1,150,370
Fund accounting and transfer agent fees (Note 3)		96,398
Directors’ fees (Note 3)		6,123
Chief Compliance Officer service fees (Note 3)		1,899
Custodian fees		11,901
Miscellaneous		40,059

Total Expenses		1,306,750
Less reduction of expenses (Note 3)		(2,986	)

Net Expenses		1,303,764

NET INVESTMENT INCOME		9,348,383

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

Net realized loss on investments		(3,289,182	)
Net change in unrealized appreciation (depreciation) on investments		10,933,365


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		7,644,183

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,992,566


The accompanying notes are an integral part of the financial statements.		15

Statements of Changes in Net Assets


	For the Six Months Ended 6/30/09 (unaudited)			For the Year Ended 12/31/08

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:

Net investment income	$	9,348,383		$	14,055,676
Net realized loss on investments and foreign currency		(3,289,182	)		(4,023,381	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency		10,933,365			(3,472,848	)

Net increase from operations		16,992,566			6,559,447

DISTRIBUTIONS TO SHAREHOLDERS (Note 8):

From net investment income		—			(15,280,303	)
From net realized gain on investments		—			(372,027	)

Total distributions to shareholders		—			(15,652,330	)

CAPITAL STOCK ISSUED AND REPURCHASED:

Net increase (decrease) from capital share transactions (Note 5)		(10,523,069	)		71,229,591

Net increase in net assets		6,469,497			62,136,708

NET ASSETS:

Beginning of period		340,631,044			278,494,336

End of period (including undistributed net investment income of $9,645,034 and $296,651, respectively)	$	347,100,541		$	340,631,044


16		The accompanying notes are an integral part of the financial statements.

Financial Highlights


	For the Six Months Ended 6/30/09 (unaudited)	*For the Years Ended*			For the Period 4/21/05¹ to 12/31/05
	For the Six Months Ended 6/30/09 (unaudited)	*12/31/08*	*12/31/07*	*12/31/06*	For the Period 4/21/05¹ to 12/31/05


Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$9.66	$10.02	$9.98	$9.89	$10.00

Income (loss) from investment operations:
Net investment income	0.27	0.42	0.40	0.37	0.22
Net realized and unrealized gain (loss) on investments	0.24	(0.32)	0.03	0.08	(0.12)

Total from investment operations	0.51	0.10	0.43	0.45	0.10


Less distributions to shareholders:
From net investment income	—	(0.45)	(0.39)	(0.36)	(0.21)
From net realized gain on investments	—	(0.01)	—	—	—

Total distributions to shareholders	—	(0.46)	(0.39)	(0.36)	(0.21)

Net asset value - End of period	$10.17	$9.66	$10.02	$9.98	$9.89

Net assets - End of period (000’s omitted)	$347,101	$340,631	$278,494	$224,145	$175,594

Total return²	5.28%	1.24%	4.34%	4.59%	1.04%
Ratios (to average net assets)/Supplemental Data:
Expenses	0.79%*³	0.80%	0.81%	0.83%	0.88%³
Net investment income	5.69%³	4.84%	4.20%	3.95%	3.12%³
Portfolio turnover	36%	63%	341%	315%	290%

*The advisor did not impose all of its fund accounting and transfer agent fees during the period ended 6/30/09. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have been increased by 0.00%^3,4.

¹Commencement of operations.

³Annualized.

⁴Less than 0.01%.


The accompanying notes are an integral part of the financial statements.		17

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

Core Plus Bond Series (the “Series”) is a no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The Series’ investment objective is to provide long-term total return by investing primarily in bonds and other financial instruments, including derivatives, with economic characteristics similar to bonds.

The Fund’s Advisor is Manning & Napier Advisors, Inc. (the “Advisor”). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 10.0 billion shares of common stock each having a par value of $0.01. As of June 30, 2009, 4.5 billion shares have been designated in total among 28 series, of which 125 million have been designated as Core Plus Bond Series Class A common stock.

2.	SIGNIFICANT ACCOUNTING POLICIES

Security Valuation

Portfolio securities, including domestic equities, listed on an exchange other than the NASDAQ National Market System are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Funds’s pricing service. Securities listed on the NASDAQ National Market System are valued in accordance with the NASDAQ Official Closing Price.

Debt securities, including government bonds, foreign bonds, asset-backed securities, structured notes, supranational obligations, sovereign bonds, corporate bonds and mortgage-backed securities will normally be valued on the basis of evaluated bid prices provided by the Fund’s pricing service. Certain investments in securities held by the Series may be valued on a basis of a price provided by a principal market maker. These prices may differ from the value that would have been used had a broader market for securities existed.

Municipal securities will normally be valued on the basis of market valuations provided by an independent pricing service that utilizes the latest price quotations and a matrix system (which considers such factors as security prices of similar securities, yields, maturities and ratings).


18

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Valuation (continued)

The following is a summary of the levels used as of June 30, 2009 in valuing the Series’ assets or liabilities carried at market value:


*Description:*	*6/30/2009*		*Level 1*		*Level 2*		*Level 3*
Equity securities*	$	—	$	—	$	—	$	—
Preferred securities		1,622,380		70,100		1,552,280		—
Debt securities:		—		—		—		—
US Treasury and other US government agencies		55,094,211		—		55,094,211		—
States and political subdivisions (municipals)		5,168,045		—		5,168,045		—
Corporate debt		236,926,077		—		236,926,077		—
Convertible corporate debt		9,512,856		—		9,512,856		—
Asset backed securities		1,665,428		—		1,476,628		188,800
Mutual funds		32,310,786		32,310,786		—		—
Other financial instruments**		—		—		—		—

Total	$	342,299,783	$	32,380,886	$	309,730,097	$	188,800

*Includes common stock, warrants and rights.


		19

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Valuation (continued)


*Level 3 reconciliation*	*Equities*		*Asset-Backed*
Balance as of 12/31/08	$	—	$	108,900
Realized gain/loss		—		—
Change in unrealized appreciation (depreciation)		—		79,900
Net purchases (sales)		—		—
Transfers in and/or out of Level 3		—		—

Balance as of 6/30/09	$	—	$	188,800

Security Transactions, Investment Income and Expenses

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

Foreign Currency Translation

Securities Purchased on a When-Issued Basis or Forward Commitment

The Series may purchase securities on a when-issued basis or forward commitment. These transactions involve a commitment by the Series to purchase securities for a predetermined price with payment and delivery taking place beyond the customary settlement period. When such purchases are outstanding, the Series will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Series assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Series may sell the when-issued securities before they are delivered, which may result in a capital gain or loss. No such investments were held by the Series on June 30, 2009.

In connection with its ability to purchase or sell securities on a forward commitment basis, the Series may enter into forward roll transactions principally using To Be Announced (TBA)


20

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Securities Purchased on a When-Issued Basis or Forward Commitment (continued)

securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Series to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-backed pools. During the roll period, the Series forgoes principal and interest paid on the securities. The Series accounts for such dollar rolls as purchases and sales. No such investments were held by the Series on June 30, 2009.

Restricted Securities

Illiquid Securities

A security may be considered illiquid if so deemed in good faith by the Advisor under procedures approved by and under the general supervision and responsibility of the Fund’s Board. Securities that are illiquid are marked with the applicable footnote on the Investment Portfolio. As of June 30, 2009, the aggregate value of securities deemed illiquid was $188,800, representing 0.05% of the Series’ net assets.

Federal Taxes


		21

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Distributions of Income and Gains

Recent Accounting Pronouncements

Indemnifications

Other

3.	TRANSACTIONS WITH AFFILIATES

The Fund has an Investment Advisory Agreement (the “Agreement”) with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.70% of the Series’ average daily net assets.


22

Notes to Financial Statements (unaudited)

3.	TRANSACTIONS WITH AFFILIATES (continued)

Fund, or of the Advisor, performing services relating to research, statistical and investment activities, are paid by the Advisor. Each “non-affiliated” Director receives an annual stipend, which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended for each active series of the Fund plus a fee for each committee meeting attended.

The Advisor has contractually agreed, until at least April 30, 2010, to waive its fee and, if necessary, pay other operating expenses of the Series in order to maintain total direct annual fund operating expenses for the Series at no more than 0.90% of average daily net assets each year. For the six months ended June 30, 2009, the Advisor did not waive its management fee or reimburse any expenses of the Series. The Advisor is not eligible to recoup any expenses that have been waived or reimbursed in prior years.

For fund accounting and transfer agent services, the Fund pays the Advisor an annual fee of 0.055% of the Fund’s average daily net assets up to $4.5 billion, 0.03% of the Fund’s average daily net assets between $4.5 billion and $7.5 billion, and 0.02% of the Fund’s average daily net assets over $7.5 billion. Additionally, certain transaction and account-based fees and out-of-pocket expenses, including charges for reporting relating to the Fund’s compliance program, are charged. Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense. The Advisor has an agreement with Citi Fund Services Ohio, Inc. (“Citi”) under which Citi serves as sub-accountant and sub-transfer agent. The Advisor voluntarily agreed to waive a portion of the fund accounting and transfer agent fees for the period March 1, 2009 to April 30, 2009. Accordingly, the Advisor waived fees of $2,986, which is included as a reduction of expenses on the Statement of Operations.

4.	PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2009, purchases and sales of securities, other than United States Government securities and short-term securities, were $118,164,650 and $105,885,334, respectively. Purchases and sales of United States Government securities, other than short-term securities, were $0 and $12,714,177, respectively.

5.	CAPITAL STOCK TRANSACTIONS

Transactions in shares of Core Plus Bond Series were:


	For the Six Months Ended 6/30/09					For the Year Ended 12/31/08
	Shares		Amount			Shares		Amount
Sold	2,313,857		$	22,413,861		9,178,936		$	88,460,649
Reinvested	—			—		1,654,229			15,379,707
Repurchased	(3,443,676	)		(32,936,930	)	(3,371,107	)		(32,610,765	)

Total	(1,129,819	)	$	(10,523,069	)	7,462,058		$	71,229,591

Substantially all of the Series’ shares represent investments by fiduciary accounts over which the Advisor has sole investment discretion.


		23

Notes to Financial Statements (unaudited)

6.	FINANCIAL INSTRUMENTS

7.	FOREIGN SECURITIES

8.	FEDERAL INCOME TAX INFORMATION

The tax character of distributions paid for the year ended December 31, 2008 were as follows:


Ordinary income	$	15,281,692
Long-term capital gains		370,638

For the year ended December 31, 2008, the Series elected to defer $1,361,948 of capital losses attributable to Post-October losses.

At December 31, 2008, the Series had a capital loss carryover of $3,819,061, available to the extent allowed by tax law to offset future net capital gain, if any, which will expire on December 31, 2016.

At June 30, 2009, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:


Cost for federal income tax purposes	$	335,350,873
Unrealized appreciation	$	16,152,395
Unrealized depreciation		(9,203,485	)

Net unrealized appreciation	$	6,948,910

9.	SUBSEQUENT EVENTS


24

(THISPAGEINTENTIONALLYLEFTBLANK)


		25

Literature Requests (unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:


By phone		1-800-466-3863
On the Securities and Exchange Commission’s (SEC) web site		http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30^th is available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Quarterly Portfolio Holdings

The Series’ complete schedule of portfolio holdings for the 1^st and 3^rd quarters of each fiscal year are provided on Form N-Q, and are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

The prospectus and SAI provide additional information about each Series, including charges, expenses and risks. These documents are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov
On the Advisor’s web site		http://www.manningnapieradvisors.com

Additional information available at www.manningnapieradvisors.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual


26

Manning & Napier Fund, Inc.


OHIO TAX EXEMPT SERIES		\|		Semi-Annual Report - June 30, 2009

LOGO

Shareholder Expense Example (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2009 to June 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 1/1/09		Ending Account Value 6/30/09		Expenses Paid During Period* 1/1/09-6/30/09
Actual	$	1,000.00	$	1,068.60	$	4.36
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 0.85%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses are based on the most recent fiscal half year. The Series’ total return would have been lower had certain expenses not been waived during the period.


		1

Portfolio Composition as of June 30, 2009 (unaudited)

Bond Types¹

LOGO

¹As a percentage of net assets.

Credit Quality Ratings^2,3

LOGO

²As a percentage of net assets.


2

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


OHIO MUNICIPAL SECURITIES - 98.0%
Bedford Heights, Series A, G.O. Bond, AMBAC	5.650	%	12/1/2014	A2		$	25,000	$	26,968
Big Walnut Local School District, Delaware County, School Facilities Construction & Impt., G.O. Bond, FSA	4.500	%	12/1/2029	Aa3			200,000		194,522
Canal Winchester Local School District, Prerefunded Balance, G.O. Bond, NATL	5.000	%	12/1/2025	A3			355,000		404,235
Canal Winchester Local School District, G.O. Bond, FSA	4.250	%	12/1/2027	Aa3			500,000		464,350
Cincinnati Water Systems, Series B, Revenue Bond, NATL	5.000	%	12/1/2023	Aa2			600,000		640,446
Cleveland Heights & University Heights County School District, Library Impt., G.O. Bond	5.125	%	12/1/2026	Aa3			200,000		206,536
Cleveland, Income Tax, Revenue Bond	5.250	%	5/15/2024	AA	²		500,000		526,790
Columbus, Limited Tax, Series 2, G.O. Bond	5.000	%	7/1/2017	Aaa			250,000		277,047
Columbus City School District, School Facilities Construction & Impt., G.O. Bond, FSA	4.250	%	12/1/2032	Aa3			500,000		446,985
Columbus City School District, School Facilities Construction & Impt., G.O. Bond	4.500	%	12/1/2029	Aa3			500,000		475,530
Cuyahoga Falls, G.O. Bond, NATL	5.000	%	12/1/2021	Aa3			750,000		778,118
Dublin City School District, School Facilities Construction & Impt., Prerefunded Balance, G.O. Bond	5.375	%	12/1/2017	Aa1			350,000		397,296
Eaton Community City Schools, School Impt., G.O. Bond, FGRNA	4.125	%	12/1/2026	A1			500,000		438,520
Euclid, G.O. Bond, NATL	4.250	%	12/1/2023	A1			465,000		464,093
Fairbanks Local School District, School Facilities Construction & Impt., G.O. Bond, FSA	4.500	%	12/1/2028	Aa3			400,000		378,792
Fairfield County, Building Impt., G.O. Bond	5.000	%	12/1/2018	Aa3			250,000		260,035
Fairview Park City School District, School Impt., G.O. Bond, NATL	5.000	%	12/1/2029	A2			315,000		307,119
Field Local School District, School Facilities Construction & Impt., G.O. Bond, AMBAC	5.000	%	12/1/2026	WR	³		200,000		183,004
Franklin County, G.O. Bond	5.000	%	12/1/2027	Aaa			500,000		528,830
Granville Exempt Village School District, G.O. Bond, FSA	4.375	%	12/1/2031	Aa2			500,000		474,290
Greater Cleveland Regional Transit Authority, Capital Impts., G.O. Bond, FGRNA	4.125	%	12/1/2023	Aa3			450,000		425,907
Hamilton City School District, School Impt., G.O. Bond, FSA	4.250	%	12/1/2030	Aa3			500,000		469,810
Hancock County, Various Purposes, G.O. Bond, NATL	4.000	%	12/1/2016	Aa3			200,000		212,208
Indian Hill Village School District, Hamilton County, School Impt., G.O. Bond	4.375	%	12/1/2022	Aaa			250,000		254,592
Ironton City School District, G.O. Bond, NATL	4.250	%	12/1/2028	Baa1			500,000		430,795


The accompanying notes are an integral part of the financial statements.		3

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


OHIO MUNICIPAL SECURITIES (continued)
Kettering City School District, School Impt., G.O. Bond, FSA	4.250	%	12/1/2025	Aa3		$	750,000	$	726,765
Lakewood, Water System, Revenue Bond, AMBAC	4.500	%	7/1/2028	WR	³		500,000		425,230
Licking Heights Local School District, School Facilities Construction & Impt., Series A, G.O. Bond, NATL	5.000	%	12/1/2022	A1			250,000		257,340
Lorain City School District, Classroom Facilities Impt., Unrefunded Balance, G.O. Bond, NATL	4.750	%	12/1/2025	Aa2			335,000		342,387
Marysville Exempt Village School District, G.O. Bond, FSA	5.000	%	12/1/2023	Aa3			500,000		518,355
Maumee, G.O. Bond, NATL	4.125	%	12/1/2018	Aa3			375,000		389,895
Maumee City School District, School Facilities Construction & Impt., G.O. Bond, FSA	4.600	%	12/1/2031	Aa3			260,000		253,596
Minster Local School District, G.O. Bond, FSA	4.250	%	12/1/2018	Aa3			250,000		260,892
New Albany Plain Local School District, Prerefunded Balance, G.O. Bond, FGIC	5.000	%	12/1/2025	Aa2			45,000		49,754
New Albany Plain Local School District, Prerefunded Balance, G.O. Bond, FGIC	5.000	%	12/1/2029	Aa2			95,000		105,037
New Albany Plain Local School District, Unrefunded Balance, G.O. Bond, FGRNA	5.000	%	12/1/2029	Aa2			130,000		121,324
New Albany Plain Local School District, Prerefunded Balance, G.O. Bond, FGIC	5.000	%	12/1/2025	Aa2			85,000		93,980
New Albany Plain Local School District, Unrefunded Balance, G.O. Bond, FGIC	5.000	%	12/1/2025	Aa2			185,000		174,120
North Royalton, G.O. Bond	5.250	%	12/1/2028	Aa3			1,025,000		1,068,265
Ohio State, School Services, Series A, G.O. Bond	4.500	%	9/15/2025	Aa2			700,000		703,213
Ohio State, Infrastructure Impt., Series A, G.O. Bond	5.000	%	3/1/2017	Aa2			250,000		277,410
Ohio State Water Development Authority, Pure Water, Series I, Revenue Bond, AMBAC	6.000	%	12/1/2016	Aaa			40,000		45,130
Ohio State Water Development Authority, Pollution Control, Revenue Bond	5.250	%	12/1/2015	Aaa			200,000		232,596
Olentangy Local School District, Series A, G.O. Bond, FSA	4.500	%	12/1/2032	Aa2			800,000		741,280
Orange City School District, G.O. Bond	4.500	%	12/1/2023	Aaa			500,000		508,720
Painesville City School District, School Impt., G.O. Bond, FGRNA	4.500	%	12/1/2025	A2			170,000		162,717
Pickerington Local School District, G.O. Bond, NATL	4.300	%	12/1/2024	Baa1			300,000		281,133
Plain Local School District, G.O. Bond, FGRNA	5.000	%	12/1/2030	A	²		140,000		135,524
South-Western City School District, Franklin & Pickway County, G.O. Bond, FSA	4.250	%	12/1/2026	Aa3			600,000		565,242


4		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount/ Shares		Value (Note 2)


OHIO MUNICIPAL SECURITIES (continued)
Springboro Community City School District, School Impt., Prerefunded Balance, G.O. Bond, NATL	5.000	%	12/1/2025	A2		$	280,000	$	319,136
Sugarcreek Local School District, School Impt., G.O. Bond, FSA	4.250	%	12/1/2031	Aa3			750,000		654,143
Sylvania City School District, School Impt., G.O. Bond, AGC	5.000	%	12/1/2025	Aa2			270,000		279,647
Tallmadge City School District, School Facilities, G.O. Bond, FSA	5.000	%	12/1/2031	AAA	²		200,000		203,682
Tecumseh Local School District, School Impt., G.O. Bond, FGRNA	4.750	%	12/1/2027	A3			195,000		188,713
Trotwood-Madison City School District, School Impt., G.O. Bond, FSA	4.250	%	12/1/2022	Aa3			250,000		247,597
Troy, G.O. Bond	4.750	%	12/1/2024	Aa2			250,000		255,845
Van Buren Local School District, School Facilities Construction & Impt., G.O. Bond, FSA	5.250	%	12/1/2016	Aa3			300,000		322,239
Vandalia, G.O. Bond, AMBAC	5.000	%	12/1/2015	Aa3			235,000		251,192
Washington Court House City School District, School Impt., G.O. Bond, FGRNA	5.000	%	12/1/2029	A3			500,000		487,490
Wood County, G.O. Bond	5.400	%	12/1/2013	Aa3			25,000		25,055

TOTAL OHIO MUNICIPAL SECURITIES (Identified Cost $21,706,985)									21,341,462


SHORT-TERM INVESTMENTS - 1.6%
Dreyfus AMT - Free Municipal Reserves - Class R (Identified Cost $355,819)							355,819		355,819

TOTAL INVESTMENTS - 99.6% (Identified Cost $22,062,804)									21,697,281

OTHER ASSETS, LESS LIABILITIES - 0.4%									78,369

NET ASSETS - 100%								$	21,775,650


The accompanying notes are an integral part of the financial statements.		5

Investment Portfolio - June 30, 2009 (unaudited)

Key:

G.O. Bond - General Obligation Bond

Impt. - Improvement

Scheduled principal and interest payments are guaranteed by:

AGC (Assured Guaranty Corp.)

AMBAC (AMBAC Assurance Corp.)

FGIC (Financial Guaranty Insurance Co.)

FGRNA (FGIC reinsured by NATL)

FSA (Financial Security Assurance, Inc.)

NATL (National Public Finance Guarantee Corp.) (formerly known as MBIA (MBIA, Inc.))

The insurance does not guarantee the market value of the municipal bonds.

¹Credit ratings from Moody’s (unaudited).

²Credit ratings from S&P (unaudited).

³Credit rating has been withdrawn. As of June 30, 2009, there is no rating available.

The Series' portfolio holds, as a percentage of net assets, greater than 10% in bonds insured by the following companies: FSA - 31.8%; NATL - 31.2%.


6		The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2009


ASSETS:


Investments, at value (identified cost $22,062,804) (Note 2)	$	21,697,281
Interest receivable		110,919
Dividends receivable		641
Prepaid expenses		1,035

TOTAL ASSETS		21,809,876

LIABILITIES:

Accrued management fees (Note 3)		8,033
Accrued fund accounting and transfer agent fees (Note 3)		2,895
Accrued Chief Compliance Officer service fees (Note 3)		400
Audit fees payable		18,551
Legal fees payable		2,560
Printing and postage fees payable		1,787

TOTAL LIABILITIES		34,226

TOTAL NET ASSETS	$	21,775,650

NET ASSETS CONSIST OF:

Capital stock	$	21,114
Additional paid-in-capital		21,872,211
Undistributed net investment income		87,753
Accumulated net realized gain on investments		160,095
Net unrealized depreciation on investments		(365,523	)

TOTAL NET ASSETS	$	21,775,650

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE ($21,775,650/2,111,363 shares)	$	10.31


The accompanying notes are an integral part of the financial statements.		7

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009


INVESTMENT INCOME:

Interest	$	455,001
Dividends		2,602

Total Investment Income		457,603

EXPENSES:

Management fees (Note 3)		52,340
Fund accounting and transfer agent fees (Note 3)		12,215
Directors’ fees (Note 3)		6,122
Chief Compliance Officer service fees (Note 3)		1,899
Audit fees		15,175
Custodian fees		769
Miscellaneous		5,234

Total Expenses		93,754
Less reduction of expenses (Note 3)		(4,755	)

Net Expenses		88,999

NET INVESTMENT INCOME		368,604

REALIZED AND UNREALIZED GAIN ON INVESTMENTS:

Net realized gain on investments		68,913
Net change in unrealized depreciation on investments		971,115


NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		1,040,028

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,408,632


8		The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets


	For the Six Months Ended 6/30/09 (unaudited)			For the Year Ended 12/31/08

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:

Net investment income	$	368,604		$	860,632
Net realized gain on investments		68,913			184,021
Net change in unrealized appreciation (depreciation) on investments		971,115			(1,700,851	)

Net increase (decrease) from operations		1,408,632			(656,198	)

DISTRIBUTIONS TO SHAREHOLDERS (Note 8):

From net investment income		(358,387	)		(849,459	)
From net realized gain on investments		—			(119,985	)

Total distributions to shareholders		(358,387	)		(969,444	)

CAPITAL STOCK ISSUED AND REPURCHASED:

Net decrease from capital share transactions (Note 5)		(118,849	)		(3,962,597	)

Net increase (decrease) in net assets		931,396			(5,588,239	)

NET ASSETS:

Beginning of period		20,844,254			26,432,493

End of period (including undistributed net investment income of $87,753 and $77,536, respectively)	$	21,775,650		$	20,844,254


The accompanying notes are an integral part of the financial statements.		9

Financial Highlights


	For the Six Months Ended 6/30/09 (unaudited)	*For the Years Ended*
	For the Six Months Ended 6/30/09 (unaudited)	*12/31/08*	*12/31/07*	*12/31/06*	*12/31/05*	*12/31/04*


Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$9.82	$10.43	$10.46	$10.52	$10.59	$10.75

Income (loss) from investment operations:
Net investment income	0.19	0.38	0.34	0.38	0.38	0.38
Net realized and unrealized gain (loss) on investments	0.48	(0.57)	—²	(0.05)	(0.08)	(0.04)

Total from investment operations	0.67	(0.19)	0.34	0.33	0.30	0.34


Less distributions to shareholders:
From net investment income	(0.18)	(0.36)	(0.37)	(0.38)	(0.36)	(0.49)
From net realized gain on investments	—	(0.06)	—	(0.01)	(0.01)	(0.01)

Total distributions to shareholders	(0.18)	(0.42)	(0.37)	(0.39)	(0.37)	(0.50)

Net asset value - End of period	$10.31	$9.82	$10.43	$10.46	$10.52	$10.59

Net assets - End of period (000’s omitted)	$21,776	$20,844	$26,432	$20,612	$15,988	$14,120

Total return¹	6.86%	(1.74%)	3.28%	3.19%	2.85%	3.28%
Ratios (to average net assets)/Supplemental Data:
Expenses*	0.85%³	0.85%	0.85%	0.85%	0.85%	0.85%
Net investment income	3.52%³	3.58%	3.47%	3.81%	3.65%	3.64%
Portfolio turnover	6%	15%	3%	9%	9%	7%

*The investment advisor did not impose all of its management fee and/or fund accounting and transfer agent fees in some periods. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have been
increased by the following amount:	0.05%³	0.01%	0.00%⁴	0.07%	0.15%	0.20%

¹Represents aggregate total return for the period indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived during the period. Periods less than one year are not annualized.

²Less than $0.01 per share.

³Annualized.

⁴Less than 0.01%.


10		The accompanying notes are an integral part of the financial statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

Ohio Tax Exempt Series (the “Series”) is a no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

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.

The Fund’s Advisor is Manning & Napier Advisors, Inc. (the “Advisor”). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 10.0 billion shares of common stock each having a par value of $0.01. As of June 30, 2009, 4.5 billion shares have been designated in total among 28 series, of which 100 million have been designated as Ohio Tax Exempt Series Class A common stock.

2.	SIGNIFICANT ACCOUNTING POLICIES

Security Valuation

Various inputs are used in determining the value of the Series’ assets or liabilities carried at market value. These inputs are summarized in three broad levels. Level 1 includes quoted prices


		11

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Valuation (continued)

in active markets for identical assets and liabilities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments.) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the levels used as of June 30, 2009 in valuing the Series’ assets or liabilities carried at market value:


*Description:*	*6/30/2009*		*Level 1*		*Level 2*		*Level 3*

Equity securities*	$	—	$	—	$	—	$	—
Preferred securities		—		—		—		—
Debt securities:
States and political subdivisions (municipals)		21,341,462		—		21,341,462		—
Mutual funds		355,819		355,819		—		—
Other financial instruments**		—		—		—		—

Total	$	21,697,281	$	355,819	$	21,341,462	$	—

*Includes common stock, warrants and rights.

There were no Level 3 securities held by the Series as of December 31, 2008 or June 30, 2009.

Security Transactions, Investment Income and Expenses

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

Federal Taxes


12

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Federal Taxes (continued)

Distributions of Income and Gains

Recent Accounting Pronouncements

Indemnifications


		13

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Other

3.	TRANSACTIONS WITH AFFILIATES

The Advisor has contractually agreed, until at least April 30, 2010, to waive its fee and, if necessary, pay other operating expenses of the Series in order to maintain total direct annual fund operating expenses for the Series at no more than 0.85% of average daily net assets each year. Accordingly, the Advisor waived fees of $4,555 for the six months ended June 30, 2009, which is reflected as a reduction of expenses on the Statement of Operations. The Advisor is not eligible to recoup any expenses that have been waived or reimbursed in prior years.

For fund accounting and transfer agent services, the Fund pays the Advisor an annual fee of 0.055% of the Fund’s average daily net assets up to $4.5 billion, 0.03% of the Fund’s average daily net assets between $4.5 billion and $7.5 billion, and 0.02% of the Fund’s average daily net assets over $7.5 billion. Additionally, certain transaction and account-based fees and out-of-pocket expenses, including charges for reporting relating to the Fund’s compliance program, are charged. Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense. The Advisor has an agreement with Citi Fund Services Ohio, Inc. (“Citi”) under which Citi serves as sub-accountant and sub-transfer agent. The Advisor voluntarily agreed to waive a portion of the fund accounting and transfer agent fees for the period March 1, 2009 to April 30, 2009. Accordingly, the Advisor waived fees of $200, which is included as a reduction of expenses on the Statement of Operations.


14

Notes to Financial Statements (unaudited)

4.	PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2009, purchases and sales of securities, other than United States Government securities and short-term securities, were $1,465,026 and $1,131,401, respectively. There were no purchases or sales of United States Government securities.

5.	CAPITAL STOCK TRANSACTIONS

Transactions in shares of Ohio Tax Exempt Series were:


	For the Six Months Ended 6/30/09					For the Year Ended 12/31/08
	Shares		Amount			Shares		Amount

Sold	283,145		$	2,925,614		656,301		$	6,716,037
Reinvested	33,711			342,338		95,854			945,265
Repurchased	(327,900	)		(3,386,801	)	(1,163,289	)		(11,623,899	)

Total	(11,044	)	$	(118,849	)	(411,134	)	$	(3,962,597	)

Substantially all of the Series’ shares represent investments by fiduciary accounts over which the Advisor has sole investment discretion.

6.	FINANCIAL INSTRUMENTS

The Series may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments include written options and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. No such investments were held by the Series on June 30, 2009.

7.	CONCENTRATION OF CREDIT

The Series primarily invests in debt obligations issued by the State of Ohio and its political subdivisions, agencies and public authorities to obtain funds for various public purposes. The Series is more susceptible to factors adversely affecting issues of Ohio municipal securities than is a municipal bond fund that is not concentrated in these issues to the same extent.

8.	FEDERAL INCOME TAX INFORMATION


Ordinary income	$	6,865
Tax exempt income		842,594
Long-term capital gains		119,985


		15

Notes to Financial Statements (unaudited)

8.	FEDERAL INCOME TAX INFORMATION (continued)


Cost for federal income tax purposes	$	22,062,804
Unrealized appreciation	$	313,691
Unrealized depreciation		(679,214	)

Net unrealized depreciation	$	(365,523	)

9.	SUBSEQUENT EVENTS


16

(THISPAGEINTENTIONALLYLEFTBLANK)


		17

Literature Requests (unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:


By phone		1-800-466-3863
On the Securities and Exchange Commission’s (SEC) web site		http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30^th is available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Quarterly Portfolio Holdings

The Series’ complete schedule of portfolio holdings for the 1^st and 3^rd quarters of each fiscal year are provided on Form N-Q, and are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

The prospectus and SAI provide additional information about each Series, including charges, expenses and risks. These documents are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov
On the Advisor’s web site		http://www.manningnapieradvisors.com

Additional information available at www.manningnapieradvisors.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual


		18

Manning & Napier Fund, Inc.


CORE BOND SERIES		\|		Semi-Annual Report - June 30, 2009

LOGO

Shareholder Expense Example (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2009 to June 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 1/1/09		Ending Account Value 6/30/09		Expenses Paid During Period* 1/1/09-6/30/09
Actual	$	1,000.00	$	1,040.20	$	4.05
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 0.80%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses are based on the most recent fiscal half year. The Series’ total return would have been lower had certain expenses not been waived during the period.


1

Portfolio Composition as of June 30, 2009 (unaudited)

Sector Allocation¹

LOGO

¹As a percentage of net assets.

Credit Quality Ratings^2,3

LOGO

²As a percentage of total corporate bonds, preferred stocks, asset-backed securities, and municipal bonds.

³Based on ratings from Moody's, or the S&P equivalent. The Series may use different ratings provided by other rating agencies for purposes of determining compliance with the Series' investment policies.


		2

Investment Portfolio - June 30, 2009 (unaudited)


	Credit Rating¹ (unaudited)		Principal Amount		*Value* *(Note 2)*


CORPORATE BONDS - 71.5%

Convertible Corporate Bonds - 2.3%
Consumer Discretionary - 0.5%
Hotels, Restaurants & Leisure - 0.5%
Carnival Corp., 2.00%, 4/15/2021	A3		$	305,000	$	292,037


Health Care - 1.1%
Biotechnology - 0.9%
Amgen, Inc., 0.375%, 2/1/2013	A3			530,000		478,325

Health Care Equipment & Supplies - 0.2%
Medtronic, Inc., 1.625%, 4/15/2013	A1			120,000		110,550

Total Health Care						588,875


Information Technology - 0.7%
Computers & Peripherals - 0.7%
EMC Corp., 1.75%, 12/1/2013	A	²		395,000		402,900

Total Convertible Corporate Bonds (Identified Cost $1,491,091)						1,283,812


Non-Convertible Corporate Bonds - 69.2%
Consumer Discretionary - 12.6%
Hotels, Restaurants & Leisure - 2.0%
International Game Technology, 7.50%, 6/15/2019	Baa2			530,000		534,759
McDonald's Corp., Series I, 6.30%, 10/15/2037	A3			540,000		582,784

						1,117,543

Household Durables - 1.1%
Fortune Brands, Inc., 5.375%, 1/15/2016	Baa2			650,000		596,268

Media - 4.2%
AOL Time Warner (now known as Time Warner, Inc.), 7.625%, 4/15/2031	Baa2			510,000		495,800
Comcast Corp.³, 1.43875%, 7/14/2009	Baa1			145,000		144,985
Comcast Corp., 6.50%, 11/15/2035	Baa1			570,000		576,209
Comcast Corp., 6.95%, 8/15/2037	Baa1			290,000		302,377
The Walt Disney Co., 5.50%, 3/15/2019	A2			500,000		524,068
The Walt Disney Co., Series B, 7.00%, 3/1/2032	A2			280,000		325,689

						2,369,128

Multiline Retail - 1.0%
Target Corp., 6.00%, 1/15/2018	A2			520,000		551,316


3		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Credit Rating¹ (unaudited)	Principal Amount		*Value* *(Note 2)*


CORPORATE BONDS (continued)

Non-Convertible Corporate Bonds (continued)
Consumer Discretionary (continued)
Specialty Retail - 3.4%
Home Depot, Inc.³, 0.74938%, 12/16/2009	Baa1	$	450,000	$	448,628
Home Depot, Inc., 5.40%, 3/1/2016	Baa1		635,000		633,870
Lowe's Companies, Inc., 6.10%, 9/15/2017	A1		745,000		793,393

					1,875,891

Textiles, Apparel & Luxury Goods - 0.9%
VF Corp., 5.95%, 11/1/2017	A3		485,000		489,064

Total Consumer Discretionary					6,999,210


Consumer Staples - 6.1%
Beverages - 2.2%
The Coca-Cola Co., 5.35%, 11/15/2017	Aa3		535,000		571,352
Pepsico, Inc., 7.90%, 11/1/2018	Aa2		535,000		650,883

					1,222,235

Food & Staples Retailing - 1.4%
The Kroger Co., 6.75%, 4/15/2012	Baa2		510,000		551,390
The Kroger Co., 5.50%, 2/1/2013	Baa2		230,000		237,610

					789,000

Food Products - 2.5%
General Mills, Inc., 5.65%, 2/15/2019	Baa1		765,000		799,550
Kraft Foods Inc., 6.125%, 2/1/2018	Baa2		565,000		584,166

					1,383,716

Total Consumer Staples					3,394,951


Energy - 4.0%
Energy Equipment & Services - 2.1%
Baker Hughes, Inc., 7.50%, 11/15/2018	A2		490,000		573,819
Weatherford International Ltd., 9.625%, 3/1/2019 (Switzerland) (Note 7)	Baa1		500,000		588,204

					1,162,023

Oil, Gas & Consumable Fuels - 1.9%
Anadarko Petroleum Corp., 5.95%, 9/15/2016	Baa3		455,000		448,914
Apache Corp., 6.90%, 9/15/2018	A3		510,000		583,899

					1,032,813

Total Energy					2,194,836


The accompanying notes are an integral part of the financial statements.		4

Investment Portfolio - June 30, 2009 (unaudited)


	Credit Rating¹ (unaudited)	Principal Amount		*Value* *(Note 2)*


CORPORATE BONDS (continued)

Non-Convertible Corporate Bonds (continued)
Financials - 14.9%
Capital Markets - 3.8%
Goldman Sachs Capital I, 6.345%, 2/15/2034	A2	$	640,000	$	516,325
The Goldman Sachs Group, Inc., 6.15%, 4/1/2018	A1		545,000		530,599
Merrill Lynch & Co., Inc., 6.11%, 1/29/2037	A3		230,000		177,642
Merrill Lynch & Co., Inc., Series C, 4.125%, 9/10/2009	A2		350,000		350,498
Morgan Stanley, Series F, 5.55%, 4/27/2017	A2		572,000		532,462

					2,107,526

Commercial Banks - 6.4%
Household Finance Co. (now known as HSBC Finance Corp.), 6.375%, 11/27/2012	A3		95,000		96,629
HSBC Financial Corp., 7.00%, 5/15/2012	A3		700,000		721,678
Manufacturers & Traders Trust Co., 6.625%, 12/4/2017	A3		720,000		684,899
PNC Bank National Association, 5.25%, 1/15/2017	A2		880,000		792,718
U.S. Bank National Association, 6.375%, 8/1/2011	Aa2		625,000		669,691
Wachovia Corp., 5.25%, 8/1/2014	A2		590,000		577,357

					3,542,972

Consumer Finance - 1.7%
American Express Credit Co.⁴, Series B, 0.47%, 10/4/2010	A2		415,000		399,508
American Express Credit Co., Series C, 7.30%, 8/20/2013	A2		540,000		561,443

					960,951

Diversified Financial Services - 2.3%
Bank of America Corp., 7.625%, 6/1/2019	A2		535,000		537,387
JPMorgan Chase & Co., 6.30%, 4/23/2019	Aa3		700,000		704,077

					1,241,464


5		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Credit Rating¹ (unaudited)	Principal Amount		*Value* *(Note 2)*


CORPORATE BONDS (continued)

Non-Convertible Corporate Bonds (continued)
Financials (continued)
Insurance - 0.7%
American International Group, Inc., 4.25%, 5/15/2013	A3	$	660,000	$	382,311

Total Financials					8,235,224

Health Care - 5.7%
Health Care Equipment & Supplies - 1.0%
Becton Dickinson and Co., 6.00%, 5/15/2039	A2		535,000		556,281

Pharmaceuticals - 4.7%
Abbott Laboratories, 5.60%, 11/30/2017	A1		495,000		530,211
Johnson & Johnson, 5.95%, 8/15/2037	Aaa		715,000		770,402
Novartis Security Investment Ltd., 5.125%, 2/10/2019 (Bermuda) (Note 7)	Aa2		650,000		665,006
Wyeth, 6.50%, 2/1/2034	A3		575,000		635,385

					2,601,004

Total Health Care					3,157,285


Industrials - 13.1%
Aerospace & Defense - 2.0%
Boeing Co., 6.00%, 3/15/2019	A2		500,000		545,213
Honeywell International, Inc., 5.30%, 3/1/2018	A2		560,000		584,841

					1,130,054

Air Freight & Logistics - 2.1%
FedEx Corp., 8.00%, 1/15/2019	Baa2		565,000		643,870
United Parcel Service, Inc., 6.20%, 1/15/2038	Aa3		505,000		552,495

					1,196,365

Airlines - 1.1%
Southwest Airlines Co., 5.25%, 10/1/2014	Baa1		610,000		587,809

Commercial Services & Supplies - 1.0%
Waste Management, Inc., 7.375%, 3/11/2019	Baa3		505,000		541,170

Industrial Conglomerates - 2.2%
General Electric Capital Corp., 5.625%, 5/1/2018	Aa2		350,000		331,024
General Electric Capital Corp., Series A, 6.75%, 3/15/2032	Aa2		575,000		516,181


The accompanying notes are an integral part of the financial statements.		6

Investment Portfolio - June 30, 2009 (unaudited)


	Credit Rating¹ (unaudited)	Principal Amount		*Value* *(Note 2)*


CORPORATE BONDS (continued)

Non-Convertible Corporate Bonds (continued)
Industrials (continued)
Industrial Conglomerates (continued)
General Electric Co., 5.25%, 12/6/2017	Aa2	$	370,000	$	363,357

					1,210,562

Machinery - 2.5%
Caterpillar Financial Service Corp., Series F, 7.05%, 10/1/2018	A2		525,000		553,195
John Deere Capital Corp., 5.50%, 4/13/2017	A2		225,000		227,080
John Deere Capital Corp., 5.75%, 9/10/2018	A2		590,000		602,013

					1,382,288

Road & Rail - 2.2%
CSX Corp., 6.00%, 10/1/2036	Baa3		730,000		661,260
Union Pacific Corp., 5.65%, 5/1/2017	Baa2		575,000		576,663

					1,237,923

Total Industrials					7,286,171


Information Technology - 6.7%
Communications Equipment - 2.9%
Cisco Systems, Inc., 5.25%, 2/22/2011	A1		205,000		216,160
Cisco Systems, Inc., 5.90%, 2/15/2039	A1		805,000		792,760
Corning, Inc., 6.20%, 3/15/2016	Baa1		610,000		590,752

					1,599,672

Computers & Peripherals - 2.0%
Hewlett-Packard Co., 5.50%, 3/1/2018	A2		500,000		525,596
IBM Corp., 8.00%, 10/15/2038	A1		435,000		563,024

					1,088,620

Software - 1.8%
Microsoft Corp., 5.20%, 6/1/2039	Aaa		530,000		515,843
Oracle Corp.⁵, 5.00%, 7/8/2019	A2		500,000		498,135

					1,013,978

Total Information Technology					3,702,270


Materials - 2.5%
Chemicals - 1.0%
E.I. du Pont de Nemours & Co., 6.00%, 7/15/2018	A2		535,000		576,693


7		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Credit Rating¹ (unaudited)	Principal Amount/ Shares		*Value* *(Note 2)*


CORPORATE BONDS (continued)

Non-Convertible Corporate Bonds (continued)
Materials (continued)
Metals & Mining - 1.5%
Alcoa, Inc., 5.87%, 2/23/2022	Baa3	$	350,000	$	274,940
BHP Billiton Finance (USA) Ltd., 6.50%, 4/1/2019	A1		500,000		555,263

					830,203

Total Materials					1,406,896

Utilities - 3.6%
Electric Utilities - 2.0%
Exelon Generation Co. LLC, 5.35%, 1/15/2014	A3		580,000		580,959
Southwestern Electric Power Co., 6.45%, 1/15/2019	Baa3		520,000		530,320

					1,111,279

Multi-Utilities - 1.6%
CenterPoint Energy Resources Corp., Series B, 7.875%, 4/1/2013	Baa3		335,000		357,334
Duke Energy Field Services LLC (now known as DCP Midstream LLC), 7.875%, 8/16/2010	Baa2		280,000		292,904
Sempra Energy, 7.95%, 3/1/2010	Baa1		210,000		217,534

					867,772

Total Utilities					1,979,051

Total Non-Convertible Corporate Bonds (Identified Cost $37,449,110)					38,355,894

TOTAL CORPORATE BONDS (Identified Cost $38,940,201)					39,639,706


PREFERRED STOCKS - 0.4%
Financials - 0.4%
Commercial Banks - 0.4%
PNC Financial Services Group, Inc. - Series K (Identified Cost $275,100)	Baa2		290,000		243,330


ASSET-BACKED SECURITIES - 0.3%
Capital Auto Receivable Asset Trust, Series 2007-1, 5.01%, 4/16/2012	Aaa		50,000		51,872
Capital Auto Receivable Asset Trust, Series 2007-3, 5.21%, 3/17/2014	Aaa		40,000		41,010


The accompanying notes are an integral part of the financial statements.		8

Investment Portfolio - June 30, 2009 (unaudited)


	Credit Rating¹ (unaudited)		Principal Amount/ Shares		*Value* *(Note 2)*


ASSET-BACKED SECURITIES (continued)
Ford Credit Auto Owner Trust, Series 2008-C⁴, 2.06938%, 4/15/2013	Aaa		$	50,000	$	49,507

TOTAL ASSET-BACKED SECURITIES (Identified Cost $128,652)						142,389


MUNICIPAL BONDS - 3.1%
Burleson Texas Independent School District, School Building, G.O. Bond, 5.00%, 8/1/2038	Aaa			250,000		250,895
California State, G.O. Bond, 7.55%, 4/1/2039	A2			100,000		91,392
Canyon Independent School District, G.O. Bond, 4.50%, 2/15/2030	AAA	²		100,000		95,968
Commerce Independent School District, School Building, G.O. Bond, 4.50%, 8/15/2037	Aaa			100,000		92,773
Illinois State Toll Highway Authority, Revenue Bond, 6.184%, 1/1/2034	Aa3			200,000		204,646
Katy Texas Independent School District, School Building, Series B, G.O. Bond, 4.50%, 2/15/2031	Aaa			100,000		95,300
Metropolitan Transportation Authority, Dedicated Tax Fund, Revenue Bond, 7.336%,11/15/2039	AA	²		200,000		237,758
Nebraska Public Power District, Revenue Bond, 7.399%, 1/1/2035	A1			100,000		104,641
Spring Hill Texas Independent School District, School Building, G.O Bond, 5.00%, 2/15/2038	AAA	²		250,000		250,895
University of Texas, Revenue Bond, 6.276%, 8/15/2041	Aaa			100,000		104,252
Utah Transit Authority, Sales Tax, Series B, Revenue Bond, 5.937%, 6/15/2039	Aa3			200,000		198,312

TOTAL MUNICIPAL BONDS (Identified Cost $1,717,007)						1,726,832


MUTUAL FUNDS - 5.0%
iShares iBoxx Investment Grade Corporate Bond Fund (Identified Cost $2,537,042)				27,760		2,783,773


9		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Principal Amount		*Value* *(Note 2)*


U.S. GOVERNMENT AGENCIES - 17.5%
Mortgage-Backed Securities - 17.5%
Fannie Mae, Pool #762352, 5.00%, 4/1/2019	$	13,969	$	14,584
Fannie Mae, Pool #255274, 5.00%, 6/1/2019		12,439		12,987
Fannie Mae, Pool #256114, 4.50%, 1/1/2021		316,704		326,588
Fannie Mae, Pool #881624, 4.50%, 1/1/2021		264,104		272,346
Fannie Mae, Pool #902047, 5.00%, 11/1/2021		841,358		874,434
Fannie Mae, Pool #912409, 5.00%, 2/1/2022		116,974		121,572
Fannie Mae, Pool #254375, 6.50%, 7/1/2022		2,882		3,100
Federal Home Loan Mortgage Corp., Pool #M90974, 4.50%, 3/1/2010		42,483		43,821
Federal Home Loan Mortgage Corp., Pool #G12419, 5.00%, 10/1/2021		135,916		141,174
Federal Home Loan Mortgage Corp., Pool #G18182, 5.50%, 5/1/2022		424,354		444,152
Federal Home Loan Mortgage Corp., Pool #G12833, 4.50%, 9/1/2022		1,211,317		1,237,385
Federal Home Loan Mortgage Corp., Pool #J06711, 5.00%, 1/1/2023		1,151,721		1,193,399
Federal Home Loan Mortgage Corp., Pool #A52716, 6.50%, 10/1/2036		1,070,864		1,139,487
Federal Home Loan Mortgage Corp., Pool #A62373, 5.00%, 6/1/2037		2,442,877		2,488,204
Federal Home Loan Mortgage Corp., Pool #G03447, 5.50%, 10/1/2037		1,163,389		1,202,642
GNMA, Pool #487193, 5.00%, 4/15/2020		64,408		67,664
GNMA, Pool #563559, 6.50%, 4/15/2032		43,380		46,635
GNMA, Pool #631703, 6.50%, 9/15/2034		74,811		79,584

TOTAL U.S. GOVERNMENT AGENCIES (Identified Cost $9,278,417)				9,709,758


The accompanying notes are an integral part of the financial statements.		10

Investment Portfolio - June 30, 2009 (unaudited)


	*Shares*	*Value* *(Note 2)*


SHORT-TERM INVESTMENTS - 1.6%
Dreyfus Treasury and Agency Cash Management - Institutional Shares (Identified Cost $907,863)	907,863	$	907,863

TOTAL INVESTMENTS - 99.4% (Identified Cost $53,784,282)			55,153,651

OTHER ASSETS, LESS LIABILITIES - 0.6%			330,354

NET ASSETS - 100%		$	55,484,005

Key:

G.O. Bond - General Obligation Bond

¹Credit ratings from Moody's (unaudited).

²Credit ratings from S&P (unaudited).

³The coupon rate is a floating rate and is subject to change quarterly. The coupon rate stated is the rate as of June 30, 2009.

⁴The coupon rate is a floating rate and is subject to change monthly. The coupon rate stated is the rate as of June 30, 2009.

⁵Security has been valued at fair value (see Note 2 to the financial statements).


11		The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2009


ASSETS:


Investments, at value (identified cost, $53,784,282) (Note 2)	$	55,153,651
Interest receivable		710,460
Receivable for fund shares sold		165,842
Dividends receivable		3,132

TOTAL ASSETS		56,033,085

LIABILITIES:

Accrued management fees (Note 3)		26,461
Accrued fund accounting and transfer agent fees (Note 3)		2,901
Accrued Chief Compliance Officer service fees (Note 3)		408
Payable for securities purchased		498,135
Audit fees payable		18,536
Other payables and accrued expenses		2,639

TOTAL LIABILITIES		549,080

TOTAL NET ASSETS	$	55,484,005

NET ASSETS CONSIST OF:

Capital stock	$	55,027
Additional paid-in-capital		54,668,913
Undistributed net investment income		1,401,051
Accumulated net realized loss on investments		(2,010,355	)
Net unrealized appreciation on investments		1,369,369

TOTAL NET ASSETS	$	55,484,005

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE ($55,484,005/5,502,745 shares)	$	10.08


The accompanying notes are an integral part of the financial statements.		12

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009


INVESTMENT INCOME:


Interest	$	1,525,960
Dividends		74,376

Total Investment Income		1,600,336

EXPENSES:

Management fees (Note 3)		156,856
Fund accounting and transfer agent fees (Note 3)		18,300
Directors' fees (Note 3)		6,123
Chief Compliance Officer service fees (Note 3)		1,899
Audit fees		16,067
Custodian fees		2,802
Miscellaneous		11,539

Total Expenses		213,586
Less reduction of expenses (Note 3)		(4,390	)

Net Expenses		209,196

NET INVESTMENT INCOME		1,391,140

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

Net realized loss on investments		(947,241	)
Net change in unrealized appreciation (depreciation) on investments		1,685,993


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		738,752

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,129,892


13		The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets


	For the Six Months Ended 6/30/09 (unaudited)			For the Year Ended 12/31/08

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:

Net investment income	$	1,391,140		$	2,368,992
Net realized loss on investments		(947,241	)		(1,063,114	)
Net change in unrealized appreciation (depreciation) on investments		1,685,993			(377,532	)

Net increase from operations		2,129,892			928,346

DISTRIBUTIONS TO SHAREHOLDERS (Note 8):

From net investment income		—			(2,422,528	)
From net realized gain on investments		—			(247,034	)

Total distributions to shareholders		—			(2,669,562	)

CAPITAL STOCK ISSUED AND REPURCHASED:

Net increase from capital share transactions (Note 5)		283,441			4,903,137

Net increase in net assets		2,413,333			3,161,921

NET ASSETS:

Beginning of period		53,070,672			49,908,751

End of period (including undistributed net investment income of $1,401,051 and $9,911, respectively)	$	55,484,005		$	53,070,672


The accompanying notes are an integral part of the financial statements.		14

Financial Highlights


	For the Six Months Ended *6/30/09* *(unaudited)*	*For the Years Ended*			*For the* *Period 4/21/05¹* *to 12/31/05*
	For the Six Months Ended *6/30/09* *(unaudited)*	*12/31/08*	*12/31/07*	*12/31/06*	*For the* *Period 4/21/05¹* *to 12/31/05*


Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$9.69	$10.05	$9.98	$9.89	$10.00

Income (loss) from investment operations:
Net investment income	0.25	0.45	0.42	0.36	0.21
Net realized and unrealized gain (loss) on investments	0.14	(0.30)	0.13	0.09	(0.11)

Total from investment operations	0.39	0.15	0.55	0.45	0.10


Less distributions to shareholders:
From net investment income	—	(0.46)	(0.42)	(0.36)	(0.21)
From net realized gain on investments	—	(0.05)	(0.06)	—	—

Total distributions to shareholders	—	(0.51)	(0.48)	(0.36)	(0.21)

Net asset value - End of period	$10.08	$9.69	$10.05	$9.98	$9.89

Net assets - End of period (000's omitted)	$55,484	$53,071	$49,909	$45,696	$28,578

Total return²	4.02%	1.66%	5.58%	4.51%	0.98%
Ratios (to average net assets)/ Supplemental Data:
Expenses*	0.80%³	0.80%	0.80%	0.80%	0.80%³
Net investment income	5.32%³	4.73%	4.21%	3.87%	3.08%³
Portfolio turnover	28%	53%	346%	313%	293%

*The investment advisor did not impose all of its management fee and/or fund accounting and transfer agent fees in some periods. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have been
increased by the following amount:	0.02%³	0.03%	0.04%	0.08%	0.20%³

¹Commencement of operations.

²Represents aggregate total return for the period indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived during the period. Periods less than one year are not annualized.

³Annualized.


15		The accompanying notes are an integral part of the financial statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

Core Bond Series (the “Series”) is a no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The Series’ investment objective is to provide long-term total return by investing primarily in investment-grade bonds and other financial instruments, including derivatives, with economic characteristics similar to bonds.

The Fund’s Advisor is Manning & Napier Advisors, Inc. (the “Advisor”). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 10.0 billion shares of common stock each having a par value of $0.01. As of June 30, 2009, 4.5 billion shares have been designated in total among 28 series, of which 125 million have been designated as Core Bond Series Class A common stock.

2.	SIGNIFICANT ACCOUNTING POLICIES

Security Valuation

Portfolio securities, including domestic equities, listed on an exchange other than the NASDAQ National Market System are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Fund’s pricing service. Securities listed on the NASDAQ National Market System are valued in accordance with the NASDAQ Official Closing Price.

Debt securities, including government bonds, sovereign bonds, corporate bonds and mortgage-backed securities, will normally be valued on the basis of evaluated bid prices provided by the Fund’s pricing service. Certain investments in securities held by the Series may be valued on a basis of a price provided by a principal market maker. These prices may differ from the value that would have been used had a broader market for securities existed.


		16

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Valuation (continued)

Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions that are not Orderly (“FSP 157-4”) was issued and is effective for financial statements and interim periods ending after June 15, 2009. FSP 157-4 clarifies FAS 157 and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for an asset or liability such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. FSP 157-4 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. The impact on the Series resulting from the adoption of this FSP is expanded disclosure as shown below.

The following is a summary of the levels used as of June 30, 2009 in valuing the Series’ assets or liabilities carried at market value:


*Description:*	*6/30/2009*		*Level 1*		*Level 2*		*Level 3*
Equity securities*	$	—	$	—	$	—	$	—
Preferred securities		243,330		—		243,330		—
Debt securities:
US Treasury and other US government agencies		9,709,758		—		9,709,758		—
States and political subdivisions (municipals)		1,726,832		—		1,726,832		—
Corporate debt		38,355,894		—		38,355,894		—
Convertible corporate debt		1,283,812		—		1,283,812		—
Asset backed securities		142,389		—		142,389		—
Mutual funds		3,691,636		3,691,636		—		—
Other financial instruments**		—		—		—		—

Total	$	55,153,651	$	3,691,636	$	51,462,015	$	—

*Includes common stock, warrants and rights.

There were no Level 3 securities held by the Series as of December 31, 2008 or June 30, 2009.


17

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Transactions, Investment Income and Expenses

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

Securities Purchased on a When-Issued Basis or Forward Commitment

In connection with its ability to purchase or sell securities on a forward commitment basis, the Series may enter into forward roll transactions principally using To Be Announced (TBA) securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Series to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-backed pools. During the roll period, the Series forgoes principal and interest paid on the securities. The Series accounts for such dollar rolls as purchases and sales. No such investments were held by the Series on June 30, 2009.

Restricted Securities

Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, as amended, and may have contractual restrictions on resale. No such investments were held by the Series on June 30, 2009.

Illiquid Securities

Federal Taxes

The Series’ policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Series is not subject to federal income tax or excise tax to


		18

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Federal Taxes (continued)

the extent that the Series distributes to shareholders each year its taxable income, including any net realized gains on investments, in accordance with requirements of the Internal Revenue Code. Accordingly, no provision for federal income tax or excise tax has been made in the financial statements.

Distributions of Income and Gains

Recent Accounting Pronouncements


19

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Indemnifications

Other

3.	TRANSACTIONS WITH AFFILIATES

The Fund has an Investment Advisory Agreement (the “Agreement”) with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.60% of the Series’ average daily net assets.

The Advisor has contractually agreed, until at least April 30, 2010, to waive its fee and, if necessary, pay other operating expenses of the Series in order to maintain total direct annual fund operating expenses for the Series at no more than 0.80% of average daily net assets each year. Accordingly, the Advisor waived fees of $3,905 for the six months ended June 30, 2009, which is included as a reduction of expenses on the Statement of Operations. The Advisor is not eligible to recoup any expenses that have been waived or reimbursed in prior years.


		20

Notes to Financial Statements (unaudited)

3.	TRANSACTIONS WITH AFFILIATES (continued)

series’ relative net assets or number of accounts, depending on the expense. The Advisor has an agreement with Citi Fund Services Ohio, Inc. (“Citi”) under which Citi serves as sub-accountant and sub-transfer agent. The Advisor voluntarily agreed to waive a portion of the fund accounting and transfer agent fees for the period March 1, 2009 to April 30, 2009. Accordingly, the Advisor waived fees of $485, which is included as a reduction of expenses on the Statement of Operations.

4.	PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2009, purchases and sales of securities, other than United States Government securities and short-term securities, were $16,397,154 and $12,811,837, respectively. Purchases and sales of United States Government securities, other than short-term securities, were $0 and $1,672,406, respectively.

5.	CAPITAL STOCK TRANSACTIONS

Transactions in shares of Core Bond Series were:


	For the Six Months Ended 6/30/09					For the Year Ended 12/31/08
	Shares		Amount			Shares		Amount

Sold	220,141		$	2,135,500		938,735		$	9,172,442
Reinvested	—			—		280,365			2,638,138
Repurchased	(193,511	)		(1,852,059	)	(708,923	)		(6,907,443	)

Total	26,630		$	283,441		510,177		$	4,903,137

Substantially all of the Series’ shares represent investments by fiduciary accounts over which the Advisor has sole investment discretion.

6.	FINANCIAL INSTRUMENTS

7.	FOREIGN SECURITIES

8.	FEDERAL INCOME TAX INFORMATION


21

Notes to Financial Statements (unaudited)

8.	FEDERAL INCOME TAX INFORMATION (continued)

available for distribution (or available capital loss carryovers) under income tax regulations, without impacting the Series’ net asset value. Any such reclassifications are not reflected in the financial highlights.

The tax character of distributions paid for the year ended December 31, 2008 were as follows:


Ordinary income	$	2,576,550
Long-term capital gains		93,012

For the year ended December 31, 2008, the Series elected to defer $222,810 of capital losses attributable to Post-October losses.

At December 31, 2008, the Series had a capital loss carryover of $840,304, available to the extent allowed by tax law to offset future net capital gain, if any, which will expire on December 31, 2016.


Cost for federal income tax purposes	$	53,805,994
Unrealized appreciation	$	2,462,159
Unrealized depreciation		(1,114,502	)

Net unrealized appreciation	$	1,347,657

9.	SUBSEQUENT EVENTS


		22

Literature Requests (unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:


By phone		1-800-466-3863
On the Securities and Exchange Commission’s (SEC) web site		http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30^th is available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Quarterly Portfolio Holdings

The Series’ complete schedule of portfolio holdings for the 1^st and 3^rd quarters of each fiscal year are provided on Form N-Q, and are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

The prospectus and SAI provide additional information about each Series, including charges, expenses and risks. These documents are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov
On the Advisor’s web site		http://www.manningnapieradvisors.com

Additional information available at www.manningnapieradvisors.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual


23

Manning & Napier Fund, Inc.


DIVERSIFIED TAX EXEMPT SERIES		\|		Semi-Annual Report - June 30, 2009

LOGO

Shareholder Expense Example (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2009 to June 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 1/1/09		Ending Account Value 6/30/09		Expenses Paid During Period* 1/1/09-6/30/09
Actual	$	1,000.00	$	1,066.20	$	3.18
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.72	$	3.11

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 0.62%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses are based on the most recent fiscal half year. The Series’ total return would have been lower had certain expenses not been waived during the period.


1

Portfolio Composition as of June 30, 2009 (unaudited)

Bond Types¹

LOGO

¹As a percentage of net assets.

Credit Quality Ratings^2,3


Aaa		17.6%
Aa		50.9%
A		19.0%
Baa		6.7%
Unrated investments		0.6%
Cash, short-term investments, and other assets, less liabilities		5.2%

²As a percentage of net assets.

Top Ten States⁴


Texas		6.8%
Washington		5.3%
Michigan		4.9%
New York		4.4%
Indiana		4.3%
Nevada		4.3%
Ohio		4.2%
California		4.1%
Illinois		3.8%
Virginia		3.7%

⁴As a percentage of total investments.


		2

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


MUNICIPAL BONDS - 94.8%
Alabama - 0.8%
Fort Payne Waterworks Board, Revenue Bond, AMBAC	3.500	%	7/1/2015	BBB	²	$	665,000	$	665,120
Hoover Board of Education, Capital Outlay Warrants, Special Tax Warrants, NATL	5.250	%	2/15/2017	A1			500,000		524,575
Odenville Utilities Board Water, Revenue Bond, NATL	4.300	%	8/1/2028	Baa1			500,000		479,835

									1,669,530

Alaska - 0.2%
Alaska Municipal Banking Authority, Revenue Bond, NATL	4.100	%	6/1/2017	A1			455,000		459,950

Arizona - 2.6%
Goodyear, G.O. Bond, NATL	4.375	%	7/1/2020	A1			680,000		675,016
Mesa, G.O. Bond, FGRNA	4.125	%	7/1/2027	A1			2,215,000		1,965,923
Phoenix, Series B, G.O. Bond	4.200	%	7/1/2021	Aa1			1,500,000		1,520,670
Yuma County Library District, Series A, G.O. Bond, AMBAC	4.500	%	7/1/2035	A2			1,200,000		1,038,012

									5,199,621

California - 4.0%
California State, G.O. Bond	4.750	%	12/1/2028	A2			795,000		676,132
California State, G.O. Bond	5.250	%	2/1/2023	A2			500,000		486,120
California State, Various Purposes, G.O. Bond, AMBAC	4.250	%	12/1/2035	A2			1,140,000		802,013
Campbell Union School District, G.O. Bond, FSA	4.375	%	8/1/2027	Aa3			1,810,000		1,658,919
Chula Vista Elementary School District, Series F, G.O. Bond, NATL	4.800	%	8/1/2024	Baa1			435,000		431,298
Chula Vista Elementary School District, Series F, G.O. Bond, NATL	4.875	%	8/1/2025	Baa1			425,000		420,546
Los Angeles Unified School District, Series B, G.O. Bond, AMBAC	4.500	%	7/1/2027	Aa3			840,000		773,640
Oak Valley Hospital District, G.O. Bond, FGRNA	4.500	%	7/1/2025	A3			1,395,000		1,279,843
Richmond Joint Powers Financing Authority, Series A, Tax Allocation, NATL	5.250	%	9/1/2025	Baa1			1,570,000		1,438,418

									7,966,929

Colorado - 1.1%
Colorado Water Resources & Power Development Authority, Water Resource, Series D, Revenue Bond, FSA	4.375	%	8/1/2035	Aa3			1,420,000		1,254,243
Commerce City, Certificate of Participation, AMBAC	4.750	%	12/15/2032	A	²		1,000,000		866,280


3		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


MUNICIPAL BONDS (continued)
Colorado (continued)
Denver City & County School District No. 1, Unrefunded Balance, G.O. Bond, FGIC	5.000	%	12/1/2023	Aa3		$	105,000	$	106,265

									2,226,788

Connecticut - 0.8%
Stamford, G.O. Bond	4.400	%	2/15/2026	Aaa			1,545,000		1,558,426

Delaware - 1.4%
New Castle County, Series A, G.O. Bond	4.250	%	7/15/2025	Aaa			1,500,000		1,511,505
New Castle County, Series A, G.O. Bond	4.250	%	7/15/2026	Aaa			1,265,000		1,268,997

									2,780,502

Florida - 3.4%
Cape Coral Utility Impt. Assessment, Special Assessment, NATL	4.500	%	7/1/2021	Baa1			1,890,000		1,699,337
Florida State Department of Transportation, G.O. Bond	5.000	%	7/1/2027	Aa1			1,000,000		1,010,100
Florida State Board of Education, Capital Outlay, Public Education, Series A, G.O. Bond, FSA	4.500	%	6/1/2025	Aa1			1,280,000		1,256,550
Florida State Board of Education, Capital Outlay, Public Education, Series D, G.O. Bond	5.000	%	6/1/2016	Aa1			2,000,000		2,196,980
Tohopekaliga Water Authority, Utility System, Series A, Revenue Bond, FSA	5.000	%	10/1/2028	Aa3			510,000		497,643

									6,660,610

Georgia - 2.2%
Atlanta, Prerefunded Balance, G.O. Bond	5.600	%	12/1/2018	A1			350,000		354,735
Atlanta, Water & Wastewater, Series A, Revenue Bond, NATL	5.000	%	11/1/2033	Baa1			310,000		272,000
Atlanta, Water & Wastewater, Revenue Bond, FSA	5.000	%	11/1/2043	Aa3			1,500,000		1,429,080
Georgia State, Series B, G.O. Bond	4.000	%	3/1/2022	Aaa			1,270,000		1,283,437
Georgia State, Series B, G.O. Bond	5.650	%	3/1/2012	Aaa			5,000		5,571
Georgia State, Unrefunded Balance, Series B, G.O. Bond	5.650	%	3/1/2012	Aaa			195,000		217,688
Madison Water & Sewer, Revenue Bond, AMBAC	4.625	%	7/1/2030	WR	³		1,000,000		856,100

									4,418,611

Illinois - 3.7%
Chicago, Series D, G.O. Bond, FGRNA	5.500	%	1/1/2035	Aa3			1,000,000		1,002,140
Chicago, Series A, G.O. Bond, FSA	4.750	%	1/1/2038	Aa3			1,500,000		1,367,085
Chicago, Unrefunded Balance, Series A, G.O. Bond, NATL	5.000	%	1/1/2034	Aa3			520,000		501,498
Cook County, Series A, G.O. Bond, FGRNA	5.000	%	11/15/2022	Aa2			750,000		759,195


The accompanying notes are an integral part of the financial statements.		4

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


MUNICIPAL BONDS (continued)
Illinois (continued)
Illinois State, G.O. Bond	5.000	%	12/1/2027	A1		$	600,000	$	605,034
Illinois State, G.O. Bond, NATL	5.250	%	10/1/2018	A1			2,000,000		2,149,180
Illinois State, Series 1995 A, Certificate of Participation, NATL	5.600	%	7/1/2010	Baa1			100,000		100,259
Springfield Electric, Revenue Bond, NATL	5.000	%	3/1/2035	Aa3			1,000,000		969,010

									7,453,401

Indiana - 4.2%
Avon Community School Building Corp., Revenue Bond, AMBAC	4.250	%	7/15/2018	A	²		1,450,000		1,459,410
Avon Community School Building Corp., Revenue Bond, AMBAC	4.750	%	1/15/2032	A	²		1,015,000		933,282
Frankfort High School Elementary School Building Corp., Revenue Bond, FSA	4.750	%	7/15/2025	Aa3			1,500,000		1,517,415
La Porte County, G.O. Bond, FGRNA	5.200	%	1/15/2018	A3			300,000		312,375
Noblesville Sewage Works, Revenue Bond, AMBAC	5.000	%	1/1/2024	A1			550,000		526,471
North Lawrence Indiana Community Schools Building Corp., Revenue Bond, FSA	5.000	%	7/15/2020	Aa3			450,000		469,026
Shelbyville Independent Central Renovation School Building Corp., Revenue Bond, NATL	5.000	%	7/15/2018	Baa1			3,000,000		3,218,760

									8,436,739

Iowa - 2.0%
Indianola Community School District, G.O. Bond, FGRNA	5.200	%	6/1/2021	A3			425,000		435,259
Iowa City Community School District, G.O. Bond, FSA	4.000	%	6/1/2018	Aa1			425,000		431,464
Polk County, Series C, G.O. Bond	4.000	%	6/1/2017	Aa1			995,000		1,042,780
Polk County, Series C, G.O. Bond	4.125	%	6/1/2025	Aa1			2,075,000		2,063,193

									3,972,696

Kansas - 2.8%
Johnson & Miami Counties Unified School District No. 230, G.O. Bond, FGRNA	4.000	%	9/1/2022	A2			1,000,000		926,490
Miami County Unified School District No. 416 Louisburg, G.O. Bond, NATL	5.000	%	9/1/2018	Baa1			2,000,000		2,099,320
Sedgwick County Unified School District No. 265, G.O. Bond, FSA	5.000	%	10/1/2025	Aa3			1,090,000		1,142,516
Shawnee County Unified School District No. 450, Shawnee Heights, G.O. Bond, FSA	4.200	%	9/1/2020	Aa3			700,000		703,409
Shawnee County Unified School District No. 450, Shawnee Heights, G.O. Bond, FSA	4.250	%	9/1/2021	Aa3			580,000		581,003


5		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


MUNICIPAL BONDS (continued)
Kansas (continued)
Wyandotte County School District No. 204 Bonner Springs, Unrefunded Balance, Series A, G.O. Bond, FSA	5.375	%	9/1/2015	Aa3		$	110,000	$	114,532

									5,567,270

Kentucky - 0.9%
Lexington-Fayette Urban County Government, Public Facilities Corp., Revenue Bond, NATL	4.000	%	10/1/2018	Aa3			1,655,000		1,688,365

Louisiana - 1.2%
Caddo Parish Parishwide School District, G.O. Bond, NATL	4.350	%	3/1/2026	Aa3			660,000		638,438
Caddo Parish Parishwide School District, G.O. Bond, NATL	4.375	%	3/1/2027	Aa3			1,090,000		1,049,888
New Orleans Sewage Service, Revenue Bond, FGIC	5.250	%	6/1/2012	Baa3			300,000		292,245
Orleans Parish Parishwide School District, Series A, G.O. Bond, FGIC	5.125	%	9/1/2016	WR	³		400,000		372,308

									2,352,879

Maryland - 2.0%
Anne Arundel County, Water & Sewer, G.O. Bond	4.200	%	3/1/2025	Aa1			1,770,000		1,778,921
Anne Arundel County, Water & Sewer, G.O. Bond	4.125	%	3/1/2024	Aa1			345,000		347,025
Baltimore County, Metropolitan District, G.O. Bond	4.250	%	9/1/2029	Aaa			1,000,000		982,650
Maryland State, State & Local Facilities, G.O. Bond	4.250	%	8/1/2021	Aaa			750,000		775,912

									3,884,508

Massachusetts - 2.9%
Boston, Series A, G.O. Bond, NATL	4.125	%	1/1/2021	Aa1			1,000,000		1,014,160
Boston, Series A, G.O. Bond, NATL	4.125	%	1/1/2022	Aa1			410,000		413,944
Cambridge, Series A, G.O. Bond	4.000	%	2/1/2026	Aaa			850,000		832,796
Cambridge, Series A, G.O. Bond	4.000	%	2/1/2027	Aaa			850,000		823,837
Lowell, State Qualified, G.O. Bond, AMBAC	5.000	%	2/1/2020	Aa3			500,000		521,280
Massachusetts State, Series C, G.O. Bond, AMBAC	5.750	%	8/1/2010	Aa2			400,000		422,196
Massachusetts State, Series D, G.O. Bond	5.250	%	10/1/2014	Aa2			1,000,000		1,140,620
Plymouth, Prerefunded, G.O. Bond, NATL	5.250	%	10/15/2020	Aa2			100,000		104,571
Richmond, G.O. Bond, NATL	5.000	%	4/15/2021	Aa3			400,000		405,964

									5,679,368


The accompanying notes are an integral part of the financial statements.		6

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


MUNICIPAL BONDS (continued)
Michigan - 4.9%
Bendle Public School District, School Building & Site, G.O. Bond, FGRNA	4.500	%	5/1/2028	Aa3		$	640,000	$	602,918
Detroit City School District, School Building & Site Impt., Series B, G.O. Bond, FGIC	5.000	%	5/1/2033	Aa3			750,000		648,675
Detroit Sewer Disposal System, Series B, Revenue Bond, FGRNA	4.625	%	7/1/2034	A3			1,500,000		1,181,820
Detroit Water Supply System, Revenue Bond, NATL	5.250	%	7/1/2023	A3			2,000,000		1,904,720
Grand Rapids Public Schools, G.O. Bond, NATL	4.125	%	5/1/2023	Aa3			1,200,000		1,168,440
Muskegon Public Schools, G.O. Bond, FSA	5.000	%	5/1/2020	Aa3			1,000,000		1,034,190
Muskegon Water, Revenue Bond, FSA	4.750	%	5/1/2019	Aa3			565,000		565,966
Saginaw City School District, School Building & Site, G.O. Bond, FSA	4.500	%	5/1/2031	Aa3			1,695,000		1,565,027
Warren Woods Public Schools, School Building & Site, G.O. Bond, FSA	4.500	%	5/1/2026	Aa3			1,015,000		982,327

									9,654,083

Minnesota - 2.8%
Brooklyn Center Independent School District No. 286, School Building, Series A, G.O. Bond, NATL	4.375	%	2/1/2026	Aa2			1,105,000		1,082,613
Hennepin County, Series A, G.O. Bond	4.500	%	12/1/2025	Aaa			1,500,000		1,530,390
Minnesota, G.O. Bond	5.000	%	8/1/2013	Aa1			2,000,000		2,260,700
Pine County, Series A, G.O. Bond, FGRNA	4.400	%	2/1/2028	AAA	²		555,000		545,571
Western Minnesota Municipal Power Agency, Revenue Bond	6.625	%	1/1/2016	Aaa			175,000		201,824

									5,621,098

Mississippi - 0.3%
Biloxi Public School District, Revenue Bond, NATL	5.000	%	4/1/2017	A3			500,000		508,930

Missouri - 1.2%
Missouri Water Pollution Control, Series A, G.O. Bond	4.500	%	12/1/2030	Aaa			2,375,000		2,376,567

Nebraska - 1.2%
Omaha Metropolitan Utilities District Water, Series A, Revenue Bond, FSA	4.375	%	12/1/2031	Aa2			2,640,000		2,407,680

Nevada - 4.2%
Clark County Transportation, Series A, G.O. Bond, FGRNA	4.500	%	12/1/2019	Aa1			500,000		494,615
Clark County, G.O. Bond, FSA	4.750	%	6/1/2027	Aa1			3,000,000		2,840,400
Las Vegas Valley Water District, Water Impt., Series A, G.O. Bond, FSA	4.750	%	6/1/2033	Aa1			1,500,000		1,417,965


7		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


MUNICIPAL BONDS (continued)
Nevada (continued)
Nevada State, Project Nos. 66 & 67, Unrefunded Balance, Series A, G.O. Bond, FGRNA	5.000	%	5/15/2028	Aa1		$	125,000	$	120,987
Nevada State, Capital Impt., G.O. Bond	5.000	%	6/1/2019	Aa2			2,040,000		2,096,671
North Las Vegas, G.O. Bond, NATL	5.000	%	5/1/2024	A1			1,500,000		1,445,115

									8,415,753

New Jersey - 3.1%
East Brunswick Township Board of Education, G.O. Bond, FSA	4.500	%	11/1/2028	Aa2			835,000		824,337
East Brunswick Township Board of Education, G.O. Bond, FSA	4.500	%	11/1/2029	Aa2			1,000,000		975,210
Hudson County, G.O. Bond, CIFG	4.250	%	9/1/2021	A3			930,000		936,417
Morris County Impt. Authority, School District, Morris Hills Regional District, Revenue Bond	3.700	%	10/1/2018	Aaa			540,000		548,365
New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Revenue Bond, FSA	4.250	%	12/15/2022	Aa3			2,000,000		1,905,760
Sparta Township School District, G.O. Bond, FSA	4.300	%	2/15/2030	Aa2			1,000,000		919,940

									6,110,029

New Mexico - 0.4%
New Mexico Finance Authority, Public Project Revolving Fund, Series A, Revenue Bond, NATL	3.250	%	6/1/2013	Aa2			785,000		817,523

New York - 4.3%
Hampton Bays Union Free School District, G.O. Bond, FSA	4.375	%	9/15/2029	Aa3			2,225,000		2,106,163
New York City Municipal Water Finance Authority, Series E, Revenue Bond, FGRNA	5.000	%	6/15/2026	Aa2			750,000		756,518
New York City Municipal Water Finance Authority, Series A, Revenue Bond	5.750	%	6/15/2040	Aa2			2,590,000		2,766,405
New York State Urban Development Corp., Series B, Revenue Bond, NATL	5.000	%	1/1/2019	AA	²		1,000,000		1,070,950
Sachem Central School District of Holbrook, G.O. Bond, FGRNA	4.375	%	10/15/2030	AA	²		2,000,000		1,892,400

									8,592,436

North Carolina - 2.0%
Cary, Prerefunded, G.O. Bond	5.000	%	3/1/2018	Aaa			700,000		735,714
Mecklenburg County, Public Impt., Series A, G.O. Bond	4.125	%	2/1/2022	Aaa			1,455,000		1,479,662


The accompanying notes are an integral part of the financial statements.		8

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


MUNICIPAL BONDS (continued)
North Carolina (continued)
North Carolina Grant Anticipation, Revenue Bond, NATL	4.000	%	3/1/2018	Aa3		$	1,355,000	$	1,390,162
Wilson, G.O. Bond, AMBAC	5.100	%	6/1/2019	A1			400,000		413,196

									4,018,734

North Dakota - 0.9%
Fargo, Series A, G.O. Bond, NATL	4.700	%	5/1/2030	Aa2			1,840,000		1,824,434

Ohio - 4.2%
Brookville Local School District, School Impt., G.O. Bond, FSA	4.125	%	12/1/2026	Aa3			660,000		609,550
Columbus, Limited Tax, Series 2, G.O. Bond	5.000	%	7/1/2017	Aaa			1,000,000		1,108,190
Columbus City School District, Facilities Construction & Impt., G.O. Bond, FSA	4.375	%	12/1/2032	Aa3			1,000,000		911,070
Licking Heights Local School District, School Facilities Construction & Impt., Series A, G.O. Bond, NATL	5.000	%	12/1/2022	A1			1,450,000		1,492,572
Newark City School District, School Impt., G.O. Bond, FGRNA	4.250	%	12/1/2027	A3			500,000		436,370
Ohio State Conservation Project, Series A, G.O. Bond	5.000	%	3/1/2015	Aa2			1,000,000		1,103,930
Pickerington Local School District, School Facilities Construction & Impt., G.O. Bond, NATL	4.250	%	12/1/2034	A1			2,500,000		2,265,150
Springfield City School District, Prerefunded Balance, G.O. Bond, FGIC	5.200	%	12/1/2023	Baa1			325,000		361,914

									8,288,746

Oklahoma - 1.0%
Oklahoma City, G.O. Bond, NATL	4.250	%	3/1/2023	Aa1			2,000,000		2,015,520

Oregon - 2.5%
Metro, G.O. Bond	5.000	%	6/1/2022	Aaa			3,000,000		3,238,800
Salem Water & Sewer, Revenue Bond, FSA	5.000	%	5/1/2014	Aa3			1,120,000		1,249,472
Washington County School District No. 015 Forest Grove, Prerefunded Balance, G.O. Bond, FSA	5.500	%	6/15/2017	Aa2			500,000		543,780

									5,032,052

Pennsylvania - 2.4%
Jenkintown School District, Series A, G.O. Bond, FGRNA	4.500	%	5/15/2032	A	²		1,000,000		878,960
Lancaster School District, G.O. Bond, FSA	5.000	%	6/1/2019	Aa3			1,200,000		1,296,708
Pennsylvania State Turnpike Commission, Prerefunded Balance, Revenue Bond, AMBAC	5.375	%	7/15/2019	A1			530,000		581,903
Philadelphia, Water & Wastewater, Revenue Bond, NATL	5.600	%	8/1/2018	AA	²		20,000		22,939


9		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


MUNICIPAL BONDS (continued)
Pennsylvania (continued)
Plum Boro School District, Series A, G.O. Bond, FGRNA	4.500	%	9/15/2030	A	²	$	855,000	$	758,958
Uniontown Area School District, G.O. Bond, FSA	4.350	%	10/1/2034	Aa3			1,500,000		1,306,170

									4,845,638

Rhode Island - 0.4%
Rhode Island Clean Water Finance Agency, Series A, Revenue Bond, NATL	5.000	%	10/1/2035	Baa1			1,000,000		840,780

South Carolina - 2.5%
Beaufort County, G.O. Bond, NATL	4.250	%	3/1/2024	Aa2			790,000		787,140
Charleston County, Transportation Sales Tax, G.O. Bond	5.000	%	11/1/2017	Aa1			1,000,000		1,115,400
South Carolina, State Institutional - South Carolina State University, Series D, G.O. Bond	4.250	%	10/1/2026	Aaa			1,250,000		1,248,413
South Carolina, Transportation Infrastructure Bank, Series B, Revenue Bond, AMBAC	4.250	%	10/1/2027	A1			2,000,000		1,720,160

									4,871,113

Texas - 6.7%
Alamo Community College District, Series A, G.O. Bond, NATL	5.000	%	8/15/2024	Aa2			1,020,000		1,053,130
Alvin Independent School District, G.O. Bond	4.375	%	2/15/2024	Aaa			750,000		750,098
Canyon Independent School District, School Building, G.O. Bond	4.700	%	2/15/2025	AAA	²		1,440,000		1,467,749
Clear Creek Independent School District, G.O. Bond, FSA	4.000	%	2/15/2029	Aa3			2,340,000		2,033,554
Del Valle Independent School District, School Building, G.O. Bond	5.000	%	6/15/2019	AAA	²		1,845,000		2,005,663
Fort Bend County, G.O. Bond, NATL	4.750	%	3/1/2031	Aa2			1,000,000		968,370
Huntsville Independent School District, G.O. Bond	4.500	%	2/15/2029	Aaa			1,220,000		1,179,777
McKinney Waterworks & Sewer, Revenue Bond, FGRNA	4.750	%	3/15/2024	Aa3			1,000,000		1,008,130
San Antonio Water, Revenue Bond, FGRNA	4.375	%	5/15/2029	Aa2			1,400,000		1,277,654
University of Texas Financing System, Series F, Revenue Bond	4.750	%	8/15/2028	Aaa			1,000,000		1,008,220
Waller Consolidated Independent School District, G.O. Bond	4.750	%	2/15/2023	Aaa			500,000		504,220

									13,256,565

Utah - 1.7%
Mountain Regional Water Special Service District, Revenue Bond, NATL	5.000	%	12/15/2030	Baa1			1,240,000		999,428
Provo City School District, Series B, G.O. Bond	4.000	%	6/15/2014	Aaa			1,100,000		1,192,246


The accompanying notes are an integral part of the financial statements.		10

Investment Portfolio - June 30, 2009 (unaudited)


	Coupon Rate		Maturity Date	Credit Rating¹ (unaudited)		Principal Amount		Value (Note 2)


MUNICIPAL BONDS (continued)
Utah (continued)
St. George, Parks and Recreation, G.O. Bond, AMBAC	4.000	%	8/1/2019	Aa3		$	795,000	$	805,065
Utah State Building Ownership Authority, Series C, Revenue Bond, FSA	5.500	%	5/15/2011	Aa1			300,000		323,352

									3,320,091

Vermont - 0.5%
Vermont, Series D, G.O. Bond	4.500	%	7/15/2025	Aaa			1,000,000		1,027,490

Virginia - 3.6%
Fairfax County, Public Impt., Series A, G.O. Bond	4.000	%	4/1/2017	Aaa			2,000,000		2,122,040
Fairfax County, Public Impt., Series A, G.O. Bond	4.250	%	4/1/2027	Aaa			1,500,000		1,500,675
Norfolk, Capital Impt., G.O. Bond, NATL	4.375	%	3/1/2024	A1			685,000		686,740
Norfolk, Capital Impt., G.O. Bond, FGRNA	4.250	%	10/1/2024	A1			2,500,000		2,495,675
Richmond, Series B, G.O. Bond, FSA	4.750	%	7/15/2023	Aa3			400,000		410,396

									7,215,526

Washington - 5.2%
Franklin County, G.O. Bond, FGRNA	5.125	%	12/1/2022	A	²		1,000,000		991,820
King County Sewer, G.O. Bond, FGRNA	5.000	%	1/1/2035	Aa1			1,255,000		1,255,000
King County School District No. 411 Issaquah, Series A, G.O. Bond, FSA	5.250	%	12/1/2018	Aa1			2,420,000		2,625,724
King County Sewer, Series A, Revenue Bond, NATL	4.500	%	1/1/2032	Aa3			1,070,000		988,552
King County Sewer, Revenue Bond, FSA	5.000	%	1/1/2024	Aa3			1,460,000		1,524,561
Seattle, Drain & Wastewater, Revenue Bond, NATL	4.375	%	2/1/2026	Aa2			2,000,000		1,930,100
Washington State, Motor Vehicle Fuel Tax, G.O. Bond, AMBAC	5.000	%	1/1/2025	Aa1			1,000,000		1,047,750

									10,363,507

West Virginia - 0.4%
West Virginia State Water Development Authority, Series A, Revenue Bond, FGRNA	4.250	%	11/1/2026	A	²		820,000		733,744

Wisconsin - 2.2%
Central Brown County Water Authority, Water Systems, Revenue Bond, AMBAC	5.000	%	12/1/2035	A	²		1,500,000		1,418,025
Eau Claire, Series B, G.O. Bond, NATL	4.000	%	4/1/2015	Aa2			1,195,000		1,291,126
Oshkosh, Corporate Purposes, Series A, G.O. Bond, FGRNA	5.050	%	12/1/2021	Aa3			450,000		466,821
Stoughton Area School District, G.O. Bond, FGRNA	4.875	%	4/1/2016	A1			500,000		524,030


11		The accompanying notes are an integral part of the financial statements.

Investment Portfolio - June 30, 2009 (unaudited)

Coupon
Rate

Maturity
Date

Credit
Rating¹
(unaudited)

Principal
Amount/
Shares

Value
(Note 2)

MUNICIPAL BONDS (continued)

Wisconsin (continued)

Wisconsin State Transportation, Series A, Revenue Bond, FSA

5.000

7/1/2025

Aa3

700,000

722,134

4,422,136

TOTAL MUNICIPAL BONDS
(Identified Cost $191,966,998)

188,556,368

SHORT-TERM INVESTMENTS - 3.8%

Dreyfus AMT - Free Municipal Reserves - Class R
(Identified Cost $7,540,972)

7,540,972

7,540,972

TOTAL INVESTMENTS - 98.6%
(Identified Cost $199,507,970)

196,097,340

OTHER ASSETS, LESS LIABILITIES - 1.4%

2,805,507

NET ASSETS - 100%

198,902,847

KEY:

G.O. Bond - General Obligation Bond

Impt. - Improvement

No. - Number

Scheduled principal and interest payments are guaranteed by:

AMBAC (AMBAC Assurance Corp.)

CIFG (CIFG North America, Inc.)

FGIC (Financial Guaranty Insurance Co.)

FGRNA (FGIC reinsured by NATL)

FSA (Financial Security Assurance, Inc.)

NATL (National Public Finance Guarantee Corp.) (formerly known as MBIA (MBIA, Inc.))

The insurance does not guarantee the market value of the municipal bonds.

¹Credit ratings from Moody’s (unaudited).

²Credit ratings from S&P (unaudited).

³Credit rating has been withdrawn. As of June 30, 2009, there is no rating available.

The Series’ portfolio holds, as a percentage of net assets, greater than 10% in bonds insured by the following companies: NATL - 35.4%; FSA - 21.9%.


The accompanying notes are an integral part of the financial statements.		12

Statement of Assets and Liabilities (unaudited)

June 30, 2009



ASSETS:

Investments, at value (identified cost $199,507,970) (Note 2)	$	196,097,340
Interest receivable		2,415,394
Receivable for fund shares sold		1,313,412
Dividends receivable		2,918
Prepaid expenses		1,777

TOTAL ASSETS		199,830,841

LIABILITIES:

Accrued management fees (Note 3)		80,578
Accrued fund accounting and transfer agent fees (Note 3)		14,229
Accrued Chief Compliance Officer service fees (Note 3)		400
Payable for fund shares repurchased		814,599
Audit fees payable		18,188

TOTAL LIABILITIES		927,994

TOTAL NET ASSETS	$	198,902,847

NET ASSETS CONSIST OF:

Capital stock	$	184,931
Additional paid-in-capital		200,306,039
Undistributed net investment income		1,352,578
Accumulated net realized gain on investments		469,929
Net unrealized depreciation on investments		(3,410,630	)

TOTAL NET ASSETS	$	198,902,847

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE ($198,902,847/18,493,098 shares)	$	10.76


13		The accompanying notes are an integral part of the financial statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009



INVESTMENT INCOME:

Interest	$	4,337,690
Dividends		10,577

Total Investment Income		4,348,267

EXPENSES:

Management fees (Note 3)		492,761
Fund accounting and transfer agent fees (Note 3)		70,754
Directors' fees (Note 3)		6,123
Chief Compliance Officer service fees (Note 3)		1,899
Custodian fees		6,223
Miscellaneous		33,141

Total Expenses		610,901
Less reduction of expenses (Note 3)		(1,812	)

Net Expenses		609,089

NET INVESTMENT INCOME		3,739,178

REALIZED AND UNREALIZED GAIN ON INVESTMENTS:

Net realized gain on investments		178,182
Net change in unrealized depreciation on investments		8,873,918


NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		9,052,100

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,791,278


The accompanying notes are an integral part of the financial statements.		14

Statement of Changes in Net Assets


	For the Six Months Ended 6/30/09 (unaudited)			For the Year Ended 12/31/08

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:

Net investment income	$	3,739,178		$	8,422,128
Net realized gain on investments		178,182			670,931
Net change in unrealized appreciation (depreciation) on investments		8,873,918			(14,523,593	)

Net increase (decrease) from operations		12,791,278			(5,430,534	)

DISTRIBUTIONS TO SHAREHOLDERS (Note 7):

From net investment income		(4,654,515	)		(7,556,016	)
From net realized gain on investments		—			(368,882	)

Total distributions to shareholders		(4,654,515	)		(7,924,898	)

CAPITAL STOCK ISSUED AND REPURCHASED:

Net decrease from capital share transactions (Note 5)		(6,969,491	)		(24,617,544	)

Net increase (decrease) in net assets		1,167,272			(37,972,976	)

NET ASSETS:

Beginning of period		197,735,575			235,708,551

End of period (including undistributed net investment income of $1,352,578 and $2,267,915, respectively)	$	198,902,847		$	197,735,575


15		The accompanying notes are an integral part of the financial statements.

Financial Highlights


	For the Six Months Ended 6/30/09 (unaudited)	*For the Years Ended*
	For the Six Months Ended 6/30/09 (unaudited)	*12/31/08*	*12/31/07*	*12/31/06*	*12/31/05*	*12/31/04*


Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$10.34	$10.92	$10.95	$10.90	$10.99	$11.04

Income (loss) from investment operations:
Net investment income	0.22	0.42	0.36	0.37	0.37	0.37
Net realized and unrealized gain (loss) on investments	0.46	(0.62)	(0.02)	0.05	(0.09)	0.04

Total from investment operations	0.68	(0.20)	0.34	0.42	0.28	0.41


Less distributions to shareholders:
From net investment income	(0.26)	(0.36)	(0.37)	(0.36)	(0.36)	(0.45)
From net realized gain on investments	—	(0.02)	—²	(0.01)	(0.01)	(0.01)

Total distributions to shareholders	(0.26)	(0.38)	(0.37)	(0.37)	(0.37)	(0.46)

Net asset value - End of period	$10.76	$10.34	$10.92	$10.95	$10.90	$10.99

Net assets - End of period (000’s omitted)	$198,903	$197,736	$235,709	$167,689	$112,965	$86,441

Total return¹	6.62%	(1.79%)	3.20%	3.94%	2.60%	3.80%
Ratios (to average net assets)/Supplemental Data:
Expenses	0.62%*³	0.61%	0.62%	0.66%	0.71%	0.77%
Net investment income	3.79%³	3.75%	3.65%	3.71%	3.58%	3.63%
Portfolio turnover	0%	7%	3%	5%	2%	5%

*The investment advisor did not impose all of its fund accounting and transfer agent fees during the period ended 6/30/09. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have been increased by 0.00%^3,4.

²Less than $0.01 per share.

³Annualized.

⁴Less than 0.01%.


The accompanying notes are an integral part of the financial statements.		16

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

Diversified Tax Exempt Series (the “Series”) is a no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

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.

The Fund’s Advisor is Manning & Napier Advisors, Inc. (the “Advisor”). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 10.0 billion shares of common stock each having a par value of $0.01. As of June 30, 2009, 4.5 billion shares have been designated in total among 28 series, of which 100 million have been designated as Diversified Tax Exempt Series Class A common stock.

2.	SIGNIFICANT ACCOUNTING POLICIES

Security Valuation


17

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Valuation (continued)

The following is a summary of the levels used as of June 30, 2009 in valuing the Series’ assets or liabilities carried at market value:


*Description:*	*6/30/2009*		*Level 1*		*Level 2*		*Level 3*

Equity securities*	$	—	$	—	$	—	$	—
Preferred securities		—		—		—		—
Debt securities:
States and political subdivisions (municipals)		188,556,368		—		188,556,368		—
Mutual funds		7,540,972		7,540,972		—		—
Other financial instruments**		—		—		—		—

Total	$	196,097,340	$	7,540,972	$	188,556,368	$	—

*Includes common stock, warrants and rights.

There were no Level 3 securities held by the Series as of December 31, 2008 or June 30, 2009.

Security Transactions, Investment Income and Expenses

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

Federal Taxes


		18

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Federal Taxes (continued)

net realized gains on investments, in accordance with requirements of the Internal Revenue Code. Accordingly, no provision for federal income tax or excise tax has been made in the financial statements.

Distributions of Income and Gains

Recent Accounting Pronouncements

Indemnifications


19

Notes to Financial Statements (unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Indemnifications (continued)

unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other

3.	TRANSACTIONS WITH AFFILIATES

The Advisor has contractually agreed, until at least April 30, 2010, to waive its fee and, if necessary, pay other operating expenses of the Series in order to maintain total direct annual fund operating expenses for the Series at no more than 0.85% of average daily net assets each year. For the six months ended June 30, 2009, the Advisor did not waive its management fee or reimburse any expenses of the Series. The Advisor is not eligible to recoup any expenses that have been waived or reimbursed in prior years.


		20

Notes to Financial Statements (unaudited)

3.	TRANSACTIONS WITH AFFILIATES (continued)

and transfer agent fees for the period March 1, 2009 to April 30, 2009. Accordingly, the Advisor waived fees of $1,812, which is included as a reduction of expenses on the Statement of Operations.

4.	PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2009, purchases and sales of securities, other than United States Government securities and short-term securities, were $0 and $14,513,845, respectively. There were no purchases or sales of United States Government securities.

5.	CAPITAL STOCK TRANSACTIONS

Transactions in shares of Diversified Tax Exempt Series were:


	For the Six Months Ended 6/30/09					For the Year Ended 12/31/08
	Shares		Amount			Shares		Amount

Sold	1,408,912		$	15,257,995		3,614,800		$	38,536,015
Reinvested	404,389			4,298,729		708,211			7,370,140
Repurchased	(2,451,328	)		(26,526,215	)	(6,773,780	)		(70,523,699	)

Total	(638,027	)	$	(6,969,491	)	(2,450,769	)	$	(24,617,544	)

Substantially all of the Series’ shares represent investments by fiduciary accounts over which the Advisor has sole investment discretion.

6.	FINANCIAL INSTRUMENTS

The Series may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments include written options and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. No such investments were held by the Series on June 30, 2009.

7.	FEDERAL INCOME TAX INFORMATION


Ordinary income	$	50,039
Tax exempt income		7,521,726
Long-term capital gains		353,133


21

Notes to Financial Statements (unaudited)

7.	FEDERAL INCOME TAX INFORMATION (continued)


Cost for federal income tax purposes	$	199,482,275
Unrealized appreciation	$	2,914,829
Unrealized depreciation		(6,299,764	)

Net unrealized depreciation	$	(3,384,935	)

8.	SUBSEQUENT EVENTS


		22

Literature Requests (unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:


By phone		1-800-466-3863
On the Securities and Exchange Commission’s (SEC) web site		http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30^th is available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Quarterly Portfolio Holdings

The Series’ complete schedule of portfolio holdings for the 1^st and 3^rd quarters of each fiscal year are provided on Form N-Q, and are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

The prospectus and SAI provide additional information about each Series, including charges, expenses and risks. These documents are available, without charge, upon request:


By phone		1-800-466-3863
On the SEC’s web site		http://www.sec.gov
On the Advisor’s web site		http://www.manningnapieradvisors.com

Additional information available at www.manningnapieradvisors.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual


		23

ITEM 2:

CODE OF ETHICS

Not applicable for Semi-Annual Reports.

ITEM 3:

AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable for Semi-Annual Reports.

ITEM 4:

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable for Semi-Annual Reports.

ITEM 5:

AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6:

INVESTMENTS

See Investment Portfolios under Item 1 on this Form N-CSR.

Not applicable.

ITEM 7:

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8:

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9:

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10:

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedure by which shareholders may recommend nominees to the registrant’s board of directors.

ITEM 11:

CONTROLS AND PROCEDURES

(a) Based on their evaluation of the Funds’ disclosure controls and procedures, as of a date within 90 days of the filing date, the Funds’ Principal Executive Officer and Principal Financial Officer have concluded that the Funds’ disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be

disclosed in this report is appropriately communicated to the Funds’ officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.

(b) During the second fiscal quarter of the period covered by this report, there have been no changes in the Funds’ internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, the Funds’ internal control over financial reporting.

ITEM 12:

EXHIBITS

(a)(1) Not applicable for Semi-Annual Reports.

(a)(2) Separate certifications for the Registrant’s principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as EX-99.CERT.

(a)(3) Not applicable.

(b) A certification of the Registrant’s principal executive officer and principal financial officer, as required by 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, is attached as EX-99.906CERT. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Manning & Napier Fund, Inc.

/s/ B. Reuben Auspitz

B. Reuben Auspitz

President & Principal Executive Officer

of Manning & Napier Fund, Inc.

August 28, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ B. Reuben Auspitz

B. Reuben Auspitz

President & Principal Executive Officer

of Manning & Napier Fund, Inc.

August 28, 2009

/s/ Christine Glavin

Christine Glavin

Chief Financial Officer & Principal Financial Officer of Manning & Napier Fund, Inc.

August 28, 2009

Manning & Napier Fund N-CSRSCertified semi-annual shareholder report (management investment company)