Fund Description

The fund was incepted in September 1993 and is managed by Exeter Asset Management, a division of Manning & Napier Advisors, Inc. The fund's investment objective lays equal emphasis on long-term growth of capital and preservation of capital. The fund invests primarily in common stocks and intermediate- to long-term fixed income securities. The fund may also invest in securities of foreign issuers (primarily American Depository Receipts (ADRs)). The advisor seeks to balance conflicting goals of growth of capital and preservation of capital in order to generate a more stable rate of return for this portfolio relative to an investment in the general stock market. The fund distributes dividends semi-annually and capital gains annually.