Manning & Napier Unconstrained Bond Series Class S 

This fund primarily aims to achieve substantial long-term total returns, with capital preservation serving as its secondary objective. Under typical market conditions, it commits a minimum of 80% of its portfolio to fixed-income assets. This allocation encompasses traditional bonds, as well as derivative instruments and exchange-traded funds (ETFs) that possess similar bond-like economic characteristics. Furthermore, the fund retains the flexibility to allocate up to 50% of its holdings to speculative-grade debt (commonly known as high-yield or "junk" bonds). An equivalent proportion, up to 50%, may also be invested in non-U.S. dollar denominated securities, which can include those issued by entities in emerging markets.