Notes to Financial Statements
3. TRANSACTIONS WITH AFFILIATES (continued) all officers of the Fund, and of all Directors who are
"affiliated persons" of the Fund, or of the Advisor, and all personnel of the Fund, or of the Advisor performing
services relating to research, statistical and investment activities are paid by the Advisor. Each "non-affiliated"
Director receives an annual stipend which is allocated among all the series of the Fund. In addition, these
Directors also receive a per meeting fee for each series of the Fund.
The Advisor also acts as the transfer, dividend paying and shareholder servicing agent for the Fund. These
services are provided at no additional cost to the Series.
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.
Effective April 2000, the Advisor became the Fund's accounting services agent. For these services, the Fund
pays the Advisor a fee of 0.04% of each Series' daily net assets calculated daily and payable monthly, with a
minimum annual fee of $48,000 per Series plus out-of-pocket expenses. In addition, the Fund will pay the
Advisor an additional annual fee of $10,000 for each additional class of a Series. The Advisor has entered into an
agreement with BISYS Fund Services Ohio, Inc. ("BISYS") under which BISYS will serve as sub-accounting
4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2000, purchases and sales of securities, other than United States Government
securities and short-term securities, were $48,598,965 and $57,085,955, respectively.
5. CAPITAL STOCK TRANSACTIONS Transactions in shares of Small Cap Series Class A Shares were:
A significant portion of the Series' shares represent investments by fiduciary accounts over which the Advisor has
sole investment discretion.
6. FOREIGN SECURITIES
Investing in secu