Investment Objective

To maximize tax-exempt income over a long-term time period (i.e., 10+ years) and preserve capital. 

Investment Team

The portfolio is managed by a team of tenured research professionals who are responsible for the active selection of securities within the strategy.

Composition

At the time of purchase:

• 5% maximum of any one issuer
• 50% maximum of municipal revenue bonds in aggregate
• 100% investment-grade underlying credit quality

Maturity

• Maximum maturity of 30 years for each investment

0% - 0% Equities

Investment Process

The firm’s economic overview and long-term fundamental valuations guide duration management targets set by the Fixed Income Team. The Fixed Income Team then establishes a current strategy for the portfolio, where securities are selected from a broad universe and meet specific valuation criteria. We use proprietary rating/ranking models extensively in our analysis. After securities are purchased, they are monitored on an ongoing basis and additional purchases or sales are evaluated as conditions and pricing dictate.

The Manning & Napier Unrestricted Municipal Bond Composite, previously known as the Long-Term Municipal Bond Composite, is a weighted average of discretionary separately managed and proprietary mutual fund accounts with an Unrestricted Municipal Bond objective. Accounts in this composite must have a market value greater than $100,000 and tenure of at least one month under our management. The investment objective of accounts in this composite is primarily to maximize tax-exempt income over a long-term time period with a secondary objective of preservation of capital. Generally, Unrestricted Municipal Bond accounts invest in tax-exempt securities across the maturity spectrum. Net-of-fee returns shown reflect the deduction of a model advisory fee applied to the Gross-of-fee returns on a monthly basis. The model advisory fee is determined by applying the strategy’s tiered fee schedule to every account included in the composite, and is inclusive of management fees, advisory fees, and custody fees for Manning & Napier’s affiliated trust company, Exeter Trust Company. Actual account level fees will vary with size and circumstances and these fee differentials would impact returns accordingly. Returns shown do not reflect the deduction of fees paid to an investor’s personal financial advisor, solicitations fees, or third-party custodian costs, as applicable. Past performance does not guarantee future results. All returns were earned in USD and are stated here in USD. All data are subject to revision. Performance for periods greater than one year is annualized.