Mutual Funds

Callodine Equity Income Series

A Value-Oriented Approach

Value can come in many forms, especially when paired with a focus on income. We believe there are meaningful market inefficiencies with dividend-paying and niche income stocks, and our disciplined investment process aims to capitalize on those opportunities. Learn more directly from the Portfolio Manager.

Request more information

Our team is available to answer any questions you may have, and can put you in touch with the Portfolio Manager for a deeper dive. Get in touch with us below, and we’ll also share a copy of our Product Spotlight with more information on the strategy.

Investment Objective

To provide strong risk-adjusted total returns in the income producing part of the equity market with a focus on cash yield and capital preservation. The Series seeks to invest in dividend paying companies with strong cash flows that may be temporarily undervalued by the markets for a variety of reasons.

Investment Strategy

The Series invests at least 80% of its assets in equity securities and equity-related instruments, under normal circumstances. For purposes of the Series’ 80% investment policy, equity securities and equity-related instruments include common stock, preferred stock, securities convertible into common and preferred stock, non-convertible preferred stock, American depositary receipts (ADRs), securities or other instruments whose price is linked to the value of common stock or other equity securities, securities of master limited partnerships (MLPs), business development companies (BDCs), and real estate investment trusts (REITs). These equity investments may be in issuers involved in special situations, such as companies involved in initial public offerings, tender offers, mergers and other corporate restructurings or management changes. In addition, the Series may invest up to 20% of its assets in options to enhance returns, and in fixed-income securities, including distressed debt, convertible bonds, short duration government bonds, money market funds, and corporate bonds. The Series may invest in fixed income securities, including corporate bonds and convertible bonds, with any credit rating, including high yield (“junk bonds”) or, if unrated, determined by Callodine Capital Management, LP (“Callodine” or “Sub-Advisor”), the Sub-Advisor of the Series, to be of comparable quality.

May be Appropriate for Investors

  • Looking for additional portfolio income from equity securities
  • Who want exposure to a differentiated segment of the equity market, including niche income sectors
  • Seeking an active, concentrated approach to income and value investing

Daily Price

$15.43

Daily $ Change

-$0.05

Daily % Change

-0.32%

as of 12/06/2024

Ticker

CEISX

CUSIP

56382R217

Inception Date

10/23/2023

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Proxy Voting Record
Applications & Forms
Fact Sheet
N-Port Part F Reports
Financial Statements and Other Information

Performance

As of 11/30/2024

YTD

30.36%

1 Year

39.33%

3 Year

---

5 Year

---

10 Year

---

Inception
(01/01/2022)

17.73%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
Performance prior to 10/23/2023 is based on the historical performance of Callodine Equity Income Fund, LP (the “Predecessor Fund”), which was managed by Callodine Capital Management, LP and reorganized into the Manning & Napier Fund, Inc. Callodine Equity Income Series on 10/23/2023. Inception performance is based on the Predecessor Fund’s inception of 01/01/2022.
The Predecessor Fund, a private investment company, was not registered under the Investment Company Act of 1940, and therefore was not subject to the same investment and tax restrictions. If the Predecessor Fund had operated as a registered mutual fund, performance may have been lower. The Predecessor Fund’s fees and expenses were lower than the Series’ Class S Shares. Accordingly, performance shown for the Class S Shares is the Predecessor Fund’s performance adjusted to reflect the fees and expenses of the Class S Shares.

Expense Ratio

Gross 2.72%
Net 1.38%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors. Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.

Top Ten Investments

As of 11/30/2024

SPECTRUM BRANDS HLDGS INC NEW COM 10.38%
ENERGY TRANSFER LP 10.13%
WOLVERINE WORLD WIDE INC 9.83%
VIATRIS INC 5.72%
BAXTER INTL INC 5.28%
GSK PLC SPONSORED ADR 4.97%
ALLIANCEBERNSTEIN HOLDING LP 4.76%
GLOBAL PMTS INC 4.33%
ALGONQUIN POWER N UTILITIES 4.33%
BLUE OWL CAPITAL INC 3.89%

Top ten investments list is unaudited and excludes cash

September Fund Holdings

As of 09/30/2024

Security Description Country Ticker Shares/Par Market Value (USD)
ALGONQUIN POWER N UTILITIES US AQN 1,200,000 $5,940,000.00
ALLIANCEBERNSTEIN HOLDING LP US AB 180,000 $6,528,600.00
ALTRIA GROUP INC US MO 25,000 $1,443,500.00
BAXTER INTL INC US BAX 215,000 $7,247,650.00
BLUE OWL CAPITAL INC US OWL 225,000 $5,339,250.00
CHIMERA INVT CORP COM SHS US CIM 100,000 $1,484,000.00
DOUGLAS EMMETT INC US DEI 21,226 $410,935.36
ENERGY TRANSFER LP US ET 700,000 $13,902,000.00
GENESIS ENERGY LP US GEL 325,000 $3,893,500.00
GLOBAL PMTS INC US GPN 50,000 $5,948,000.00
GSK PLC SPONSORED ADR US GSK 200,000 $6,826,000.00
JACK IN THE BOX INC US JACK 104,382 $5,099,060.70
M AND T BK CORP US MTB 21,271 $4,679,407.29
OCI N.V. EUR20.00 NL 300,000 $3,507,640.20
PERDOCEO ED CORP COM US PRDO 165,000 $4,529,250.00
PLAINS ALL AMERICAN PIPELINE LP US PAA 100,000 $1,867,000.00
PNM RES INC US TXNM 93,510 $4,586,665.50
SANOFI SPONSORED ADR US SNY 100,000 $4,849,000.00
SPECTRUM BRANDS HLDGS INC NEW COM US SPB 155,000 $14,252,250.00
SSNC TECHNOLOGIES HLDGS INC US SSNC 60,000 $4,640,400.00
TWO HBRS INVT CORP COM US TWO 25,000 $293,750.00
UGI CORP NEW US UGI 171,707 $5,214,741.59
US DOLLARS US USD 3,303,363.89 $3,303,363.89
VIATRIS INC US VTRS 600,000 $7,854,000.00
WALGREENS BOOTS ALLIANCE INC COM US WBA 384,320 $3,466,566.40
WOLVERINE WORLD WIDE INC US WWW 581,704 $13,489,715.76

Investments will change over time.

Distributions

  • 2024 Distribution Calendar
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • 2020 Distributions

A Word About Risk

All investments involve risks, including possible loss of principal. As with any fund that invests in equities, the value of your investment will fluctuate in response to stock market movements. Investing in the Series will involve several other risks, including issuer-specific risk, small-cap/mid-cap risk, concentration risk, foreign investment risk, and the risk that the investment approach may not be successful. The Series invests primarily in income-producing securities. There is no assurance or guarantee that companies which issue dividends will declare, continue to pay, or increase dividends. The Series is non-diversified, which means that it may invest in the securities of relatively few issuers. Additionally, the Series may at times invest more heavily in a particular sector. As a result, the Series may be more susceptible to adverse economic or political occurrence affecting one or more of these issuers or sectors and, therefore, may experience increased volatility. Stocks of small- and mid-cap companies with more limited product lines, markets, and financial resources, may be subject to more abrupt or erratic market movements, and may be less marketable than and fail more often than larger companies. Investments in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory, and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. The Series may invest a portion of its assets in real estate investment trusts (REITs), which are subject to risks associated with the direct ownership of real estate: interest rate risk, liquidity risk, and changes in property value, among others. The Series may also invest a portion of its assets in business development companies (BDCs) or master limited partnerships (MLPs). BDCs are subject to additional risks, as they generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly traded companies. MLPs are subject to additional risks, including risks associated with the specific industry or industries in which the partnership invests. To the extent that an MLP’s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additionally, the potential tax benefits from investing in MLPs depend on their continued treatment as partnerships for federal income tax purposes. The Series may invest in fixed income securities. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Investments in options, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation, and liquidity risk.

A Value-Oriented Approach

Value can come in many forms, especially when paired with a focus on income. We believe there are meaningful market inefficiencies with dividend-paying and niche income stocks, and our disciplined investment process aims to capitalize on those opportunities. Learn more directly from the Portfolio Manager.

Request more information

Our team is available to answer any questions you may have, and can put you in touch with the Portfolio Manager for a deeper dive. Get in touch with us below, and we’ll also share a copy of our Product Spotlight with more information on the strategy.

Daily Price

$15.43

Daily $ Change

-$0.05

Daily % Change

-0.32%

as of 12/06/2024

Ticker

CEISX

CUSIP

56382R217

Inception Date

10/23/2023

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Proxy Voting Record
Applications & Forms
Fact Sheet
N-Port Part F Reports
Financial Statements and Other Information

Investment Objective

To provide strong risk-adjusted total returns in the income producing part of the equity market with a focus on cash yield and capital preservation. The Series seeks to invest in dividend paying companies with strong cash flows that may be temporarily undervalued by the markets for a variety of reasons.

Investment Strategy

The Series invests at least 80% of its assets in equity securities and equity-related instruments, under normal circumstances. For purposes of the Series’ 80% investment policy, equity securities and equity-related instruments include common stock, preferred stock, securities convertible into common and preferred stock, non-convertible preferred stock, American depositary receipts (ADRs), securities or other instruments whose price is linked to the value of common stock or other equity securities, securities of master limited partnerships (MLPs), business development companies (BDCs), and real estate investment trusts (REITs). These equity investments may be in issuers involved in special situations, such as companies involved in initial public offerings, tender offers, mergers and other corporate restructurings or management changes. In addition, the Series may invest up to 20% of its assets in options to enhance returns, and in fixed-income securities, including distressed debt, convertible bonds, short duration government bonds, money market funds, and corporate bonds. The Series may invest in fixed income securities, including corporate bonds and convertible bonds, with any credit rating, including high yield (“junk bonds”) or, if unrated, determined by Callodine Capital Management, LP (“Callodine” or “Sub-Advisor”), the Sub-Advisor of the Series, to be of comparable quality.

May be Appropriate for Investors

  • Looking for additional portfolio income from equity securities
  • Who want exposure to a differentiated segment of the equity market, including niche income sectors
  • Seeking an active, concentrated approach to income and value investing

Performance

As of 11/30/2024

YTD

30.36%

1 Year

39.33%

3 Year

---

5 Year

---

10 Year

---

Inception
(01/01/2022)

17.73%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
Performance prior to 10/23/2023 is based on the historical performance of Callodine Equity Income Fund, LP (the “Predecessor Fund”), which was managed by Callodine Capital Management, LP and reorganized into the Manning & Napier Fund, Inc. Callodine Equity Income Series on 10/23/2023. Inception performance is based on the Predecessor Fund’s inception of 01/01/2022.
The Predecessor Fund, a private investment company, was not registered under the Investment Company Act of 1940, and therefore was not subject to the same investment and tax restrictions. If the Predecessor Fund had operated as a registered mutual fund, performance may have been lower. The Predecessor Fund’s fees and expenses were lower than the Series’ Class S Shares. Accordingly, performance shown for the Class S Shares is the Predecessor Fund’s performance adjusted to reflect the fees and expenses of the Class S Shares.

Expense Ratio

Gross 2.72%
Net 1.38%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors. Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.

Top Ten Investments

As of 11/30/2024

SPECTRUM BRANDS HLDGS INC NEW COM 10.38%
ENERGY TRANSFER LP 10.13%
WOLVERINE WORLD WIDE INC 9.83%
VIATRIS INC 5.72%
BAXTER INTL INC 5.28%
GSK PLC SPONSORED ADR 4.97%
ALLIANCEBERNSTEIN HOLDING LP 4.76%
GLOBAL PMTS INC 4.33%
ALGONQUIN POWER N UTILITIES 4.33%
BLUE OWL CAPITAL INC 3.89%

Top ten investments list is unaudited and excludes cash

September Fund Holdings

As of 09/30/2024

Security Description Country Ticker Shares/Par Market Value (USD)
ALGONQUIN POWER N UTILITIES US AQN 1,200,000 $5,940,000.00
ALLIANCEBERNSTEIN HOLDING LP US AB 180,000 $6,528,600.00
ALTRIA GROUP INC US MO 25,000 $1,443,500.00
BAXTER INTL INC US BAX 215,000 $7,247,650.00
BLUE OWL CAPITAL INC US OWL 225,000 $5,339,250.00
CHIMERA INVT CORP COM SHS US CIM 100,000 $1,484,000.00
DOUGLAS EMMETT INC US DEI 21,226 $410,935.36
ENERGY TRANSFER LP US ET 700,000 $13,902,000.00
GENESIS ENERGY LP US GEL 325,000 $3,893,500.00
GLOBAL PMTS INC US GPN 50,000 $5,948,000.00
GSK PLC SPONSORED ADR US GSK 200,000 $6,826,000.00
JACK IN THE BOX INC US JACK 104,382 $5,099,060.70
M AND T BK CORP US MTB 21,271 $4,679,407.29
OCI N.V. EUR20.00 NL 300,000 $3,507,640.20
PERDOCEO ED CORP COM US PRDO 165,000 $4,529,250.00
PLAINS ALL AMERICAN PIPELINE LP US PAA 100,000 $1,867,000.00
PNM RES INC US TXNM 93,510 $4,586,665.50
SANOFI SPONSORED ADR US SNY 100,000 $4,849,000.00
SPECTRUM BRANDS HLDGS INC NEW COM US SPB 155,000 $14,252,250.00
SSNC TECHNOLOGIES HLDGS INC US SSNC 60,000 $4,640,400.00
TWO HBRS INVT CORP COM US TWO 25,000 $293,750.00
UGI CORP NEW US UGI 171,707 $5,214,741.59
US DOLLARS US USD 3,303,363.89 $3,303,363.89
VIATRIS INC US VTRS 600,000 $7,854,000.00
WALGREENS BOOTS ALLIANCE INC COM US WBA 384,320 $3,466,566.40
WOLVERINE WORLD WIDE INC US WWW 581,704 $13,489,715.76

Investments will change over time.

Distributions

  • 2024 Distribution Calendar
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • 2020 Distributions

A Word About Risk

All investments involve risks, including possible loss of principal. As with any fund that invests in equities, the value of your investment will fluctuate in response to stock market movements. Investing in the Series will involve several other risks, including issuer-specific risk, small-cap/mid-cap risk, concentration risk, foreign investment risk, and the risk that the investment approach may not be successful. The Series invests primarily in income-producing securities. There is no assurance or guarantee that companies which issue dividends will declare, continue to pay, or increase dividends. The Series is non-diversified, which means that it may invest in the securities of relatively few issuers. Additionally, the Series may at times invest more heavily in a particular sector. As a result, the Series may be more susceptible to adverse economic or political occurrence affecting one or more of these issuers or sectors and, therefore, may experience increased volatility. Stocks of small- and mid-cap companies with more limited product lines, markets, and financial resources, may be subject to more abrupt or erratic market movements, and may be less marketable than and fail more often than larger companies. Investments in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory, and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. The Series may invest a portion of its assets in real estate investment trusts (REITs), which are subject to risks associated with the direct ownership of real estate: interest rate risk, liquidity risk, and changes in property value, among others. The Series may also invest a portion of its assets in business development companies (BDCs) or master limited partnerships (MLPs). BDCs are subject to additional risks, as they generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly traded companies. MLPs are subject to additional risks, including risks associated with the specific industry or industries in which the partnership invests. To the extent that an MLP’s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additionally, the potential tax benefits from investing in MLPs depend on their continued treatment as partnerships for federal income tax purposes. The Series may invest in fixed income securities. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Investments in options, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation, and liquidity risk.

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