Long-Term Municipal Bond   


Investment Objectives

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

The investment minimum for Long-Term Municipal Bond is $1 million.

Investment Team

The portfolio is managed by a group of research professionals, of whom are analysts that average years of industry experience and years with the Firm.

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 portfolios, 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.

Issue Selection

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 Constraints

  • Maximum maturity of 30 years for each investment

Annualized Performance 1
(as of 06/30/2016)

One Year (07/01/2015 - 06/30/2016) 3.46%
Five Year (07/01/2011 - 06/30/2016) 2.24%
Ten Year (07/01/2006 - 06/30/2016) 3.42%
US Bond Market Cycle (07/01/2003 - 06/30/2016) 3.16%
Inception (01/01/2000 - 06/30/2016) 4.25%


The Manning & Napier Long-Term Municipal Bond Composite is a weighted average of discretionary separately managed and proprietary mutual fund accounts with a Long-Term 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 to reduce reinvestment rate risk and seek to optimize returns, while reducing tax consequences through the use of municipal fixed income securities. Generally, Long-Term Municipal Bond accounts invest in securities with a maturity of ten years or more. Net-of-fee returns are calculated based off of the effective fees of the accounts in the composite. They are after brokerage commissions, reinvested income, and advisory fees, but if applicable, before custodian costs and the fees of the investor’s Personal Financial Advisor. Also, accounts subject to solicitation fees may incur as much as 0.15% in additional expenses. Fees will vary with size and circumstances and these fee differentials would impact returns accordingly. Past performance does not guarantee future results. All data are subject to revision.

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