Brad Cronister, CFA®, Senior Analyst
Joined the Advisor in 2010. Senior Analyst since
2021. Previous positions held in the last five years: Analyst, 2017 –
2020. Member of the following
Portfolio Management teams: Core Bond Series (since 2021) and Unconstrained Bond
Series (since 2021).
Scott Friedman, CFA®, Senior Analyst
Joined the Advisor in 2008. Senior Analyst since
2021. Previous positions held in last five years: Analyst 2019-2021; Junior Analyst 2016 – 2018. Member of the
following Portfolio Management Teams: High Yield Bond Series
(since 2021).
R. Keith Harwood, Director of Credit
Research
Joined the Advisor in 1997. Director of Credit
Research since 2015. Member of the following Portfolio Management Teams: High Yield Bond Series (since 2003); Core Bond Series (since
2005); Unconstrained Bond Series (since 2005); and Credit Series (since 2020).
Joseph R. Rydzynski, CFA®, Senior Analyst, Real Estate
Group
Joined the Advisor in 2009. Senior Analyst since
2021. Previous positions held in last five years: Analyst 2019-2021;
Junior Analyst, Equity Income Group,
2015 – 2019. Member of the following Portfolio Management Team: Real Estate
Series (since 2015).
Corey A. Van Lare, CFA®, Senior Analyst, Real Estate
Group
Joined the Advisor in 2011. Senior Analyst since
2021. Previous positions held in the last five years: Analyst, Real Estate
Group, 2019 – 2020; Junior Analyst, Equity Income Group, 2017 – 2019; Senior Research Associate. Member of the following Portfolio Management
Team: Real Estate Series (since
2018).
The Statement of Additional Information (SAI)
contains additional information about the Series’ management team, including the
structure of their compensation, their role in managing other accounts, and
their ownership of securities in the
Series.
Discretionary Investment Accounts
The Advisor and its affiliates may use the Series
within its client’s discretionary investment accounts. From time to
time, these discretionary accounts may hold a substantial portion of the
outstanding shares of the Series, and transactions in shares of the Series for
such accounts may have an impact upon the size and operations of the Series. For
instance, transactions in shares of the Series for these accounts may cause the
Series’ portfolio turnover rate and transaction costs to rise, which may
negatively affect fund performance and increase the likelihood of capital gain
distributions. In addition, the Series’ assets may be significantly less during
times when these discretionary accounts are not invested in the Series, which
would cause the Series’ remaining shareholders to bear greater portions of the
Series’ fixed operating expenses, subject to any fee waiver then in effect.
Management Fees
In return for services it provides to each Series,
the Advisor receives an annual management fee, which is computed daily and
payable monthly by each Series as described below. The Advisor has contractually
agreed to waive the management fee
for the Class W shares. In addition, the Advisor
has contractually agreed to limit total direct annual fund operating expenses,
exclusive of Rule 12b-1 Fees (as defined below) and waived Class W management
fees (collectively, “excluded expenses”), as shown below. These contractual
waivers are expected to continue indefinitely, and may not be amended or
terminated by the Advisor without the approval of the Series’ Board of
Directors. The Advisor may receive from a Class the difference between the
Class’s total direct annual fund operating expenses, not including excluded
expenses, and the Class’s contractual expense limit to recoup all or a portion
of its prior fee waivers (other than Class W management fee waivers) or expense
reimbursements made during the rolling three-year period preceding the
recoupment if at any point the total direct annual fund operating expenses, not
including excluded expenses, are below the contractual expense limit (a) at the
time of the fee waiver and/or expense reimbursement and (b) at the time of
the recoupment.
A discussion regarding the basis for the Board of
Directors’ approval of each Series’ investment advisory agreement is available
in the Series’ annual report dated December 31, 2022, which covers the period January 1, 2022
through December 31,
2022.
|
|
|
|
|
ANNUAL MANAGEMENT
FEE (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS) |
Series |
Contractual Management Fee |
Contractual Expense Limitation |
|
Actual Management Fee Paid
for Year Ended 12/31/20221 |
Core Bond
Series |
0.25% |
Class I and S
Class W
Class Z |
0.45%
0.05%
0.30% |
0.00%* |
Credit Series |
0.25% |
Class W |
0.10% |
0.00%* |
Diversified Tax Exempt
Series |
0.50% |
Class A
Class W |
0.85%
0.35% |
0.01% |
High Yield
Bond Series |
0.40% |
Class I and S
Class W
Class Z |
0.65%
0.10%
0.50% |
0.21% |
Real Estate
Series |
0.60% |
Class I and S
Class W
Class Z |
0.85%
0.10%
0.70% |
0.14% |
Unconstrained Bond
Series |
0.30% |
Class I and S
Class W
Class Z |
0.50%
0.05%
0.35% |
0.04% |
*Less than
0.01%.
1Reflects the actual amount paid, including the
effects of fee waivers and expense
reimbursements.
The Distributor
The Series’ shares are offered on continuous basis
through the Fund’s principal underwriter, Manning & Napier Investor
Services, Inc. (the
Distributor).