Notes to Financial Statements (unaudited)
3. TRANSACTIONS WITH AFFILIATES (continued)
of the Fund or of the Advisor performing services relating to research, statistical and investment activities are paid
by the Advisor.
The Advisor has voluntarily agreed to waive its fee and, if necessary, pay other expenses of the Fund in order to
maintain total expenses for the Fund at no more than 1.2% of average daily net assets each year. Accordingly,
the Advisor did not impose any of its fee and paid expenses amounting to $7,805 for the six months ended April
30, 1996, which is reflected as a reduction of expenses on the Statement of Operations. The fee waiver and
assumption of expenses by the Advisor is voluntary and may be terminated at any time.
The Advisor also acts as the transfer, dividend paying and shareholder servicing agent for the Fund. For these
services, the Fund pays a fee which is calculated as a percentage of the average daily net assets at an annual rate
of 0.024%; this fee amounted to $31 for the six months ended April 30, 1996.
Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor
for the Fund's shares. The services of Manning & Napier Investor Services, Inc. are provided at no additional
cost to the Fund.
The compensation of the non-affiliated Directors totaled $3,494 for the six months ended April 30, 1996.
4. PURCHASES AND SALES OF SECURITIES Purchases and sales of securities, other than short-term
securities, were $430,817 and $50,534, respectively, for the six months ended April 30, 1996.
5. CAPITAL STOCK TRANSACTIONS Transactions in shares of Maximum Horizon Series Class B
Common Stock were:
The Advisor owned 12,562 shares on April 30, 1996.
For the Six Months
Sold 48,561 $499,381
Reinvested 62 640