Fund Description

The fund was incepted in November 1995 and is managed by Exeter Asset Management, a division of Manning & Napier Advisors, Inc. The fund seeks preservation of capital as its primary objective and long-term growth of capital as its secondary objective. The fund invests primarily in fixed income securities of the U.S. government, although it may also invest in mortgage-backed securities, corporate bonds and in common stocks of U.S. issuers. The advisor typically focuses on fixed income securities with short- to intermediate-term maturities of 3 to 5 years but may also invest to a limited extent in longer-term securities (such as bonds with maturities of 10 years or more) and stocks. The fund may also invest in securities of foreign issuers (primarily American Depository Receipts (ADRs)). The fund distributes dividends semi-annually and capital gains annually.