Mutual Funds
Disciplined Value Series
Investment Objective
To provide competitive returns consistent with the broad equity market while also providing a level of capital protection during market downturns.
Investment Strategy
The Series is designed to offer a diversified portfolio of dividend-paying U.S. equity securities. Using a systematic process with a focus on mid-to-large capitalization U.S. companies, securities are selected based on free cash flow generation and earnings power, minimum dividend yield, dividend sustainability, and financial health.
May be Appropriate for Investors
- Seeking a portfolio of high-quality, dividend yielding securities
- Seeking exposure to companies with meaningful growth potential due to high free cash flow yields and earning power
Daily Price
$8.58
Daily $ Change
$0.07
Daily % Change
0.82%
as of 05/09/2024
Ticker
MNDFX
CUSIP
56382P658
Inception Date
11/07/2008
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plan and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
YTD
4.87%
1 Year
11.46%
3 Year
4.76%
5 Year
7.81%
10 Year
8.98%
Inception
(11/07/2008)
10.98%
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.
Expense Ratio
| Gross | 0.64% |
| Net | 0.60% |
| CHEVRON CORP | 3.71% |
| JOHNSON & JOHNSON | 3.59% |
| EXXON MOBIL CORP | 3.58% |
| JP MORGAN CHASE & CO | 3.56% |
| BANK OF AMERICA CORP | 3.54% |
| UNITEDHEALTH GROUP INC | 3.51% |
| CATERPILLAR INC | 3.17% |
| WELLS FARGO COMPANY | 2.81% |
| CISCO SYSTEMS INC | 2.80% |
| CONOCOPHILLIPS | 2.34% |
Top Ten Investments list is unaudited and excludes cash.
| Communication Services | 1.50% | |
| Consumer Discretionary | 4.60% | |
| Consumer Staples | 8.56% | |
| Energy | 18.88% | |
| Financials | 21.20% | |
| Health Care | 15.21% | |
| Industrials | 19.19% | |
| Information Technology | 8.27% | |
| Materials | 2.59% |
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| 3M CO | US | MMM | 25,316 | $2,443,247.16 |
| ALLEGION PLC | IE | ALLE | 6,381 | $775,674.36 |
| ANALOG DEVICES INC | US | ADI | 19,199 | $3,851,511.39 |
| ARCHER-DANIELS-MIDLAND CO | US | ADM | 28,223 | $1,655,561.18 |
| BANK OF AMERICA CORP | US | BAC | 190,456 | $7,048,776.56 |
| BECTON DICKINSON & CO | US | BDX | 11,671 | $2,738,016.60 |
| BEST BUY INC | US | BBY | 14,045 | $1,034,273.80 |
| BRISTOL MYERS SQUIBB CO | US | BMY | 75,274 | $3,307,539.56 |
| BUNGE LIMITED | US | BG | 9,895 | $1,006,915.20 |
| CAMPBELL SOUP CO | US | CPB | 20,340 | $929,741.40 |
| CATERPILLAR INC | US | CAT | 18,859 | $6,309,655.63 |
| CF INDUSTRIES HOLDINGS INC | US | CF | 12,662 | $999,918.14 |
| CHESAPEAKE ENERGY CORP | US | CHK | 9,672 | $869,319.36 |
| CHEVRON CORP | US | CVX | 45,816 | $7,388,746.32 |
| CINCINNATI FINANCIAL CORP | US | CINF | 9,904 | $1,145,793.76 |
| CISCO SYSTEMS INC | US | CSCO | 118,520 | $5,568,069.60 |
| CITIGROUP INC | US | C | 70,557 | $4,327,260.81 |
| COGNIZANT TECH SOLUTIONS - A | US | CTSH | 25,836 | $1,696,908.48 |
| CONAGRA BRAND INC. | US | CAG | 31,908 | $982,128.24 |
| CONOCOPHILLIPS | US | COP | 37,071 | $4,656,859.02 |
| COTERRA ENERGY INC | US | CTRA | 47,076 | $1,287,999.36 |
| CUMMINS INC | US | CMI | 8,078 | $2,281,954.22 |
| DEERE & CO | US | DE | 9,744 | $3,813,899.04 |
| DICK'S SPORTING GOODS INC | US | DKS | 5,408 | $1,086,683.52 |
| DREYFUS GVT CSH MANAGEMENT | US | 184,583.69 | $184,583.69 | |
| EAST WEST BANCORP INC | US | EWBC | 9,961 | $741,994.89 |
| EBAY INC | US | EBAY | 29,695 | $1,530,480.30 |
| EVEREST RE GROUP LTD | BM | EG | 2,860 | $1,047,932.60 |
| EXXON MOBIL CORP | US | XOM | 60,362 | $7,139,013.74 |
| FEDEX CORPORATION | US | FDX | 10,315 | $2,700,260.70 |
| FIFTH THIRD BANCORP | US | FITB | 39,194 | $1,429,013.24 |
| FOX CORP CLASS A | US | FOXA | 31,145 | $965,806.45 |
| GENERAL MLS INC | US | GIS | 26,704 | $1,881,563.84 |
| GENUINE PARTS CO | US | GPC | 8,366 | $1,315,218.86 |
| GILEAD SCIENCES INC | US | GILD | 49,468 | $3,225,313.60 |
| HALLIBURTON CO | US | HAL | 47,133 | $1,766,073.51 |
| HARTFORD FINL SVCS | US | HIG | 16,216 | $1,571,168.24 |
| HERSHEY CO/THE | US | HSY | 10,166 | $1,971,390.72 |
| HF SINCLAIR CORP | US | DINO | 14,422 | $782,393.50 |
| HONEYWELL INTERNATIONAL INC | US | HON | 23,723 | $4,572,133.79 |
| HUNTINGTON BANCSHARES | US | HBAN | 92,420 | $1,244,897.40 |
| HUNTINGTON INGALLS INDUSTRIE | US | HII | 2,914 | $806,974.02 |
| INTERNATIONAL PAPER CO | US | IP | 24,862 | $868,678.28 |
| INTERPUBLIC GROUP COS INC | US | IPG | 27,074 | $824,132.56 |
| JOHNSON & JOHNSON | US | JNJ | 49,507 | $7,158,217.13 |
| JP MORGAN CHASE & CO | US | JPM | 36,954 | $7,085,559.96 |
| KENVUE INC | US | KVUE | 96,956 | $1,824,711.92 |
| KIMBERLY CLARK CORP | US | KMB | 14,657 | $2,001,120.21 |
| KRAFT HEINZ CO/THE | US | KHC | 53,975 | $2,083,974.75 |
| LKQ CORP | US | LKQ | 18,563 | $800,622.19 |
| LOCKHEED MARTIN CORP | US | LMT | 8,627 | $4,010,951.11 |
| MARATHON OIL CORP | US | MRO | 38,864 | $1,043,498.40 |
| MARATHON PETROLEUM CORP | US | MPC | 17,354 | $3,153,568.88 |
| MASCO CORP | US | MAS | 14,226 | $973,769.70 |
| MEDTRONIC INC | IE | MDT | 47,618 | $3,820,868.32 |
| MICROCHIP TECHNOLOGY INC | US | MCHP | 23,176 | $2,131,728.48 |
| MOLSON COORS BREWING CO -B | US | TAP | 14,729 | $843,382.54 |
| OMNICOM GROUP | US | OMC | 12,972 | $1,204,320.48 |
| OVINTIV INC | US | OVV | 18,925 | $971,231.00 |
| PACCAR INC | US | PCAR | 21,463 | $2,277,438.93 |
| PENSKE AUTOMOTIVE GROUP INC | US | PAG | 4,833 | $739,014.03 |
| PERMIAN RESOURCES CORP | US | PR | 52,958 | $887,046.50 |
| PHILLIPS 66 | US | PSX | 17,706 | $2,535,676.26 |
| PNC FINANCIAL SERVICES GROUP | US | PNC | 16,188 | $2,480,972.88 |
| PPG INDUSTRIES INC | US | PPG | 12,532 | $1,616,628.00 |
| QUEST DIAGNOSTICS INC | US | DGX | 7,401 | $1,022,670.18 |
| RALPH LAUREN CORP | US | RL | 4,923 | $805,599.72 |
| RAYTHEON TECHNOLOGIES CORP | US | RTX | 43,622 | $4,428,505.44 |
| ROYALTY PHARMA PLC- CL A | US | RPRX | 38,952 | $1,078,970.40 |
| SCHLUMBERGER LTD | US | SLB | 58,846 | $2,794,008.08 |
| SKYWORKS SOLUTIONS INC | US | SWKS | 10,668 | $1,137,102.12 |
| SMITH (A.O.) CORP | US | AOS | 10,171 | $842,565.64 |
| SNAP-ON INC | US | SNA | 3,554 | $952,329.84 |
| SOLVENTUM CORP | US | SOLV | .5 | $32.51 |
| SS&C TECHNOLOGIES HOLDINGS | US | SSNC | 16,529 | $1,022,979.81 |
| SYSCO CORP | US | SYY | 25,021 | $1,859,560.72 |
| TAPESTRY INC | US | TPR | 17,815 | $711,174.80 |
| TE CONNECTIVITY LIMITED | CH | TEL | 14,816 | $2,096,167.68 |
| THE MOSAIC CO | US | MOS | 25,469 | $799,471.91 |
| TRAVELLERS COS INC | US | TRV | 11,430 | $2,424,988.80 |
| TRUIST FINANCIAL CORP | US | TFC | 58,785 | $2,207,376.75 |
| U.S. BANCORP | US | USB | 66,113 | $2,686,171.19 |
| UNITEDHEALTH GROUP INC | US | UNH | 14,462 | $6,995,269.40 |
| VALERO ENERGY | US | VLO | 14,614 | $2,336,340.18 |
| VIATRIS INC | US | VTRS | 82,704 | $956,885.28 |
| WELLS FARGO COMPANY | US | WFC | 94,250 | $5,590,910.00 |
| WESTROCK CO | US | WRK | 18,353 | $880,209.88 |
| WILLIAMS - SONOMA INC | US | WSM | 3,939 | $1,129,626.42 |
| WR BERKLEY CORP | US | WRB | 15,340 | $1,180,719.80 |
Investments will change over time.
A Word About Risk
All investments involve risks, including possible loss of principal. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. Investing in the Series will also involve a number of other risks, including issuer-specific risk and mid-cap risk. The Series invests primarily in dividend-paying equity securities, with a focus on mid-to-large cap companies. There is no assurance or guarantee that such companies will declare, continue to pay, or increase dividends. Stocks of mid-cap companies tend to be more volatile than those of large-cap companies, as midcap companies tend to be more susceptible to adverse business or economic events than larger, more established companies. In addition, because the Advisor manages the Series using a disciplined screening process, the Series is subject to the additional risk that the investment approach may not be successful. Further, the Advisor does not intend to make frequent changes to the Series’ portfolio in response to market movements.
Daily Price
$8.58
Daily $ Change
$0.07
Daily % Change
0.82%
as of 05/09/2024
Ticker
MNDFX
CUSIP
56382P658
Inception Date
11/07/2008
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plan and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
Investment Objective
To provide competitive returns consistent with the broad equity market while also providing a level of capital protection during market downturns.
Investment Strategy
The Series is designed to offer a diversified portfolio of dividend-paying U.S. equity securities. Using a systematic process with a focus on mid-to-large capitalization U.S. companies, securities are selected based on free cash flow generation and earnings power, minimum dividend yield, dividend sustainability, and financial health.
May be Appropriate for Investors
- Seeking a portfolio of high-quality, dividend yielding securities
- Seeking exposure to companies with meaningful growth potential due to high free cash flow yields and earning power
YTD
4.87%
1 Year
11.46%
3 Year
4.76%
5 Year
7.81%
10 Year
8.98%
Inception
(11/07/2008)
10.98%
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.
Expense Ratio
| Gross | 0.64% |
| Net | 0.60% |
| CHEVRON CORP | 3.71% |
| JOHNSON & JOHNSON | 3.59% |
| EXXON MOBIL CORP | 3.58% |
| JP MORGAN CHASE & CO | 3.56% |
| BANK OF AMERICA CORP | 3.54% |
| UNITEDHEALTH GROUP INC | 3.51% |
| CATERPILLAR INC | 3.17% |
| WELLS FARGO COMPANY | 2.81% |
| CISCO SYSTEMS INC | 2.80% |
| CONOCOPHILLIPS | 2.34% |
Top Ten Investments list is unaudited and excludes cash.
| Communication Services | 1.50% | |
| Consumer Discretionary | 4.60% | |
| Consumer Staples | 8.56% | |
| Energy | 18.88% | |
| Financials | 21.20% | |
| Health Care | 15.21% | |
| Industrials | 19.19% | |
| Information Technology | 8.27% | |
| Materials | 2.59% |
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| 3M CO | US | MMM | 25,316 | $2,443,247.16 |
| ALLEGION PLC | IE | ALLE | 6,381 | $775,674.36 |
| ANALOG DEVICES INC | US | ADI | 19,199 | $3,851,511.39 |
| ARCHER-DANIELS-MIDLAND CO | US | ADM | 28,223 | $1,655,561.18 |
| BANK OF AMERICA CORP | US | BAC | 190,456 | $7,048,776.56 |
| BECTON DICKINSON & CO | US | BDX | 11,671 | $2,738,016.60 |
| BEST BUY INC | US | BBY | 14,045 | $1,034,273.80 |
| BRISTOL MYERS SQUIBB CO | US | BMY | 75,274 | $3,307,539.56 |
| BUNGE LIMITED | US | BG | 9,895 | $1,006,915.20 |
| CAMPBELL SOUP CO | US | CPB | 20,340 | $929,741.40 |
| CATERPILLAR INC | US | CAT | 18,859 | $6,309,655.63 |
| CF INDUSTRIES HOLDINGS INC | US | CF | 12,662 | $999,918.14 |
| CHESAPEAKE ENERGY CORP | US | CHK | 9,672 | $869,319.36 |
| CHEVRON CORP | US | CVX | 45,816 | $7,388,746.32 |
| CINCINNATI FINANCIAL CORP | US | CINF | 9,904 | $1,145,793.76 |
| CISCO SYSTEMS INC | US | CSCO | 118,520 | $5,568,069.60 |
| CITIGROUP INC | US | C | 70,557 | $4,327,260.81 |
| COGNIZANT TECH SOLUTIONS - A | US | CTSH | 25,836 | $1,696,908.48 |
| CONAGRA BRAND INC. | US | CAG | 31,908 | $982,128.24 |
| CONOCOPHILLIPS | US | COP | 37,071 | $4,656,859.02 |
| COTERRA ENERGY INC | US | CTRA | 47,076 | $1,287,999.36 |
| CUMMINS INC | US | CMI | 8,078 | $2,281,954.22 |
| DEERE & CO | US | DE | 9,744 | $3,813,899.04 |
| DICK'S SPORTING GOODS INC | US | DKS | 5,408 | $1,086,683.52 |
| DREYFUS GVT CSH MANAGEMENT | US | 184,583.69 | $184,583.69 | |
| EAST WEST BANCORP INC | US | EWBC | 9,961 | $741,994.89 |
| EBAY INC | US | EBAY | 29,695 | $1,530,480.30 |
| EVEREST RE GROUP LTD | BM | EG | 2,860 | $1,047,932.60 |
| EXXON MOBIL CORP | US | XOM | 60,362 | $7,139,013.74 |
| FEDEX CORPORATION | US | FDX | 10,315 | $2,700,260.70 |
| FIFTH THIRD BANCORP | US | FITB | 39,194 | $1,429,013.24 |
| FOX CORP CLASS A | US | FOXA | 31,145 | $965,806.45 |
| GENERAL MLS INC | US | GIS | 26,704 | $1,881,563.84 |
| GENUINE PARTS CO | US | GPC | 8,366 | $1,315,218.86 |
| GILEAD SCIENCES INC | US | GILD | 49,468 | $3,225,313.60 |
| HALLIBURTON CO | US | HAL | 47,133 | $1,766,073.51 |
| HARTFORD FINL SVCS | US | HIG | 16,216 | $1,571,168.24 |
| HERSHEY CO/THE | US | HSY | 10,166 | $1,971,390.72 |
| HF SINCLAIR CORP | US | DINO | 14,422 | $782,393.50 |
| HONEYWELL INTERNATIONAL INC | US | HON | 23,723 | $4,572,133.79 |
| HUNTINGTON BANCSHARES | US | HBAN | 92,420 | $1,244,897.40 |
| HUNTINGTON INGALLS INDUSTRIE | US | HII | 2,914 | $806,974.02 |
| INTERNATIONAL PAPER CO | US | IP | 24,862 | $868,678.28 |
| INTERPUBLIC GROUP COS INC | US | IPG | 27,074 | $824,132.56 |
| JOHNSON & JOHNSON | US | JNJ | 49,507 | $7,158,217.13 |
| JP MORGAN CHASE & CO | US | JPM | 36,954 | $7,085,559.96 |
| KENVUE INC | US | KVUE | 96,956 | $1,824,711.92 |
| KIMBERLY CLARK CORP | US | KMB | 14,657 | $2,001,120.21 |
| KRAFT HEINZ CO/THE | US | KHC | 53,975 | $2,083,974.75 |
| LKQ CORP | US | LKQ | 18,563 | $800,622.19 |
| LOCKHEED MARTIN CORP | US | LMT | 8,627 | $4,010,951.11 |
| MARATHON OIL CORP | US | MRO | 38,864 | $1,043,498.40 |
| MARATHON PETROLEUM CORP | US | MPC | 17,354 | $3,153,568.88 |
| MASCO CORP | US | MAS | 14,226 | $973,769.70 |
| MEDTRONIC INC | IE | MDT | 47,618 | $3,820,868.32 |
| MICROCHIP TECHNOLOGY INC | US | MCHP | 23,176 | $2,131,728.48 |
| MOLSON COORS BREWING CO -B | US | TAP | 14,729 | $843,382.54 |
| OMNICOM GROUP | US | OMC | 12,972 | $1,204,320.48 |
| OVINTIV INC | US | OVV | 18,925 | $971,231.00 |
| PACCAR INC | US | PCAR | 21,463 | $2,277,438.93 |
| PENSKE AUTOMOTIVE GROUP INC | US | PAG | 4,833 | $739,014.03 |
| PERMIAN RESOURCES CORP | US | PR | 52,958 | $887,046.50 |
| PHILLIPS 66 | US | PSX | 17,706 | $2,535,676.26 |
| PNC FINANCIAL SERVICES GROUP | US | PNC | 16,188 | $2,480,972.88 |
| PPG INDUSTRIES INC | US | PPG | 12,532 | $1,616,628.00 |
| QUEST DIAGNOSTICS INC | US | DGX | 7,401 | $1,022,670.18 |
| RALPH LAUREN CORP | US | RL | 4,923 | $805,599.72 |
| RAYTHEON TECHNOLOGIES CORP | US | RTX | 43,622 | $4,428,505.44 |
| ROYALTY PHARMA PLC- CL A | US | RPRX | 38,952 | $1,078,970.40 |
| SCHLUMBERGER LTD | US | SLB | 58,846 | $2,794,008.08 |
| SKYWORKS SOLUTIONS INC | US | SWKS | 10,668 | $1,137,102.12 |
| SMITH (A.O.) CORP | US | AOS | 10,171 | $842,565.64 |
| SNAP-ON INC | US | SNA | 3,554 | $952,329.84 |
| SOLVENTUM CORP | US | SOLV | .5 | $32.51 |
| SS&C TECHNOLOGIES HOLDINGS | US | SSNC | 16,529 | $1,022,979.81 |
| SYSCO CORP | US | SYY | 25,021 | $1,859,560.72 |
| TAPESTRY INC | US | TPR | 17,815 | $711,174.80 |
| TE CONNECTIVITY LIMITED | CH | TEL | 14,816 | $2,096,167.68 |
| THE MOSAIC CO | US | MOS | 25,469 | $799,471.91 |
| TRAVELLERS COS INC | US | TRV | 11,430 | $2,424,988.80 |
| TRUIST FINANCIAL CORP | US | TFC | 58,785 | $2,207,376.75 |
| U.S. BANCORP | US | USB | 66,113 | $2,686,171.19 |
| UNITEDHEALTH GROUP INC | US | UNH | 14,462 | $6,995,269.40 |
| VALERO ENERGY | US | VLO | 14,614 | $2,336,340.18 |
| VIATRIS INC | US | VTRS | 82,704 | $956,885.28 |
| WELLS FARGO COMPANY | US | WFC | 94,250 | $5,590,910.00 |
| WESTROCK CO | US | WRK | 18,353 | $880,209.88 |
| WILLIAMS - SONOMA INC | US | WSM | 3,939 | $1,129,626.42 |
| WR BERKLEY CORP | US | WRB | 15,340 | $1,180,719.80 |
Investments will change over time.
Distributions
A Word About Risk
All investments involve risks, including possible loss of principal. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. Investing in the Series will also involve a number of other risks, including issuer-specific risk and mid-cap risk. The Series invests primarily in dividend-paying equity securities, with a focus on mid-to-large cap companies. There is no assurance or guarantee that such companies will declare, continue to pay, or increase dividends. Stocks of mid-cap companies tend to be more volatile than those of large-cap companies, as midcap companies tend to be more susceptible to adverse business or economic events than larger, more established companies. In addition, because the Advisor manages the Series using a disciplined screening process, the Series is subject to the additional risk that the investment approach may not be successful. Further, the Advisor does not intend to make frequent changes to the Series’ portfolio in response to market movements.